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AMAZON'S PRIME TIME

After announcing impressive financial results late Thursday, Amazon executives said in a conference call they would be doubling down on services such as streamed music offered via Alexa-related devices.

Amazon reported a 53% increase in operating cash flow to $17.6 billion, and a 23% rise in net sales to $35.7b in the first quarter, from $29.1b in first quarter 2016.

Amazon Prime, a small part of the company’s overall business but key to its growth in streaming music, rose 49% to $1.9b compared to the same period a year earlier. Consumer Intelligence Research Partners has reported that Amazon Prime now has 80m members worldwide, up from 63m nine months ago.

The quarterly report was heavy on statistics from India, where Amazon has made inroads against local competition.

Jeff Bezos, Amazon founder and CEO, touted the Academy Awards won by its films Manchester by the Sea and The Salesman and their arrival later this year, along with best picture winner Moonlight, on Prime Video.

The company is predicting net sales in the second quarter are expected to be between $35.25b and $37.75b, a growth of between 16% and 24% compared with second quarter 2016.

Amazon's shares were up 3.1%, trading at $947.20 before the bell this morning.

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