Amazon earnings report: Crashes, profits and growth

Amazon reported a record profit of $4.3bn for the fourth quarter ended March 31.

The company posted a 17.4% rise in earnings from its main business, Prime Video, to $4bn, as revenues for the entire business increased 13% to $7.3 billion.

The business grew 11% to a record $76.6bn in the third quarter, the company said in a statement.

Amazon’s profit came from sales of its Prime Video service, which includes video, books, music and movies, as well as online streaming.

The US internet retailer said it was profitable at $2.5bn.

It also posted $9.9bn in profit in the US online video market.

Amazon is seeking to build a profitable online video business and has been trying to do so for more than a decade.

It recently raised an initial round of $10bn, which it plans to spend on expanding its video service and improving the delivery of its video content to customers.

The deal with Netflix will give Amazon a bigger slice of the $9bn-a-year video-on-demand market.

The Amazon Prime Video deal is likely to be the largest ever with a $20bn-plus valuation.

“This is a significant milestone for the company, and it marks a significant improvement in our growth strategy,” Amazon Chief Executive Jeff Bezos said in the statement.

“In 2016, we delivered more than 40% of our video revenue to our customers, and we’re continuing to drive growth by delivering the right content and the right experience.”