Amazon.com Inc.
said profits nearly doubled in the critical holiday period, as the company managed to control labor and supply costs better than expected and saw gains in its cloud-computing and advertising businesses.
The company saw a huge boost in the quarter from its investment in electric-vehicle maker
Inc., adding nearly $12 billion to its operating income in the period on gains from that company’s initial public offering in November last year. That accounted for the most of Amazon’s profits.
The tech and e-commerce giant reported $137.4 billion in quarterly revenue, up from $125.6 billion in the same period a year ago. Profits rose to $14.3 billion, from $7.2 billion a year ago. The financial results were a surprise to some analysts who expected earnings to be…
