E-commerce giant Amazon's revenue rose 38 percent in the fourth quarter of 2017 year-over-year, according to the financial statement announced by the company on Thursday.
Revenue increased to $60.5 billion in the final quarter of last year, from $43.7 billion for the same period in 2016.
While Amazon had a net income of $749 million in the fourth quarter of 2016, this increased to $1.9 billion during the same period of 2017.
"The fourth quarter 2017 includes a provisional tax benefit for the impact of the U.S. Tax Cuts and Jobs Act of 2017 of approximately $789 million," the statement read, in reference to U.S. President Donald Trump's new tax reform law.
Amazon said it projects revenue in the first quarter of 2017 to be between $47.75 billion and $50.75 billion, and operating income to be between $300 million and $1 billion.
Although Amazon saw its shares decline 4.2 percent on Wall Street to close at $1,390 on Thursday, its stock price soared with strong financial results in after-hours trading to climb as high as $1,448 per share and regained its daily losses.
The company's shares also posted an increase of 26 percent in the past three months.
With approximately $670 billion in market capitalization, Amazon currently ranks fourth in market value, while its founder and CEO Jeff Bezos sits at top of the world's billionaire list with $115.7 billion net worth as of Thursday.
Amazon has also become the world's most valuable brand with $150.8 billion, according to independent business valuation consultancy firm Brand Finance's Global 500 report on Wednesday.
By Ovunc Kutlu in New York
Anadolu Agency
ovunc.kutlu@aa.com.tr