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Amazon holiday quarter profit doubles

Amazon on Thursday reported its profit doubled to $14 billion in the recently ended quarter, giving a boost to jittery markets that expected less due to higher labor, sourcing and delivery costs.

The e-commerce colossus said its net sales climbed to $137 billion, and its profit benefited greatly from a return on investment in electric vehicle maker Rivian, which went public in November, AFP reports.

Its shares were up some 14 percent in after-hours trading at 2130 GMT, drawing in investors eager for some good news after shares tanked in Facebook parent Meta.

Amazon has been particularly exposed to the pandemic-driven supply chain headaches, labor churn and inflation that have come to weigh on people’s lives and business’ ability to make money.

Google parent Alphabet and Apple have posted whopping profits this earnings season, although Facebook was battered by markets — losing some $200 billion in value — after disappointing results that cast doubts about its future.