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Amazon Increases Q1 Revenue By 23%; Introduces New Services

Amazon-LogoAmazon increased revenue by 23% to $19.74 billion in Q1 2014, up from $16.07 million in Q1 2013, according to a company press release. The company’s net income rose in the quarter to $108 million, compared to $82 million in 2013. However, the company’s operating profit dipped 19% to $146 million in Q1, compared with $181 million in first quarter 2013.

“We get our energy from inventing on behalf of customers, and 2014 is off to a kinetic start,” said Jeff Bezos, founder and CEO of Amazon.com. 

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In April 2014, Amazon unveiled Fire TV, a device that plugs into HDTVs and provides access to content offerings such as Netflix, Prime Instant Video, Hulu Plus, WatchESPN, Showtime Anytime and low-cost video rentals. The retailer also announced that HBO Go will become available for Fire TV, with a scheduled launch by year-end.

The retailer also introduced two new services for its Prime members:

  • Prime Pantry, a grocery service available exclusively to Prime members, offering non-bulk item items ranging from soft drinks and bottled water to paper and laundry products to personal care products. Each Prime Pantry box delivery will cost a flat fee of $5.99.
  • Dash, a voice-enabled shopping device that connects to customers’ home Wi-Fi network and works directly with their AmazonFresh account, allowing Prime Fresh customers and their families to shop without having to browse the AmazonFresh web site or app. Customers can shop for items by speaking into the device’s microphone or using it to scan household products.
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