Amazon Announces , Prime Membership Price Hike , and $14.3 Billion Earnings Report.
CNN reports that Amazon is raising
the price of its annual Prime subscription
by $20 in the United States. .
The annual Prime membership in America
will go up from $119 to $139 per year. .
The cost of a monthly membership will
also increase from $12.99 to $14.99. .
The company announced the price hike while
also releasing its earnings report on February 3. .
The company announced the price hike while
also releasing its earnings report on February 3. .
According to CNN, Amazon said the increased
cost is due to a number of different reasons. .
The company cited , "expanded Prime membership benefits," , like more free same-day shipping
and added Prime Video content. .
The company cited , "expanded Prime membership benefits," , like more free same-day shipping
and added Prime Video content. .
The increased prices are also to compensate
for higher labor and transportation costs. .
CNN points out that the news comes as the prices for everything from energy to food have risen. .
The last time Amazon raised prices was in 2018.
At that time, the cost of a membership
was raised from $99. .
According to the company's recently released
earnings report, Amazon's profits doubled
in the last quarter to reach $14.3 billion. .
Following Amazon's announcement, shares in the company jumped up 17% in after-hours trading.