Amazon Prime Membership is increasing to $119 per year

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Prime, he said, "is much different than it was in 2014". "This is a reflection of that - a better reflection of the cost value of the program".

Amazon CFO Brian Olsavsky made the announcement on the call, citing more Prime features and increasing costs as the reasons for the price hike. The increase will apply to renewal memberships starting on June 16. Additionally Prime Now is available in more areas around the United States. Earlier this year the Prime monthly rate was increased to $12 a month from $10.99 a month.

Amazon has been charging $99 per year for Prime since 2014, when it raised the price from $79 a year.

Olsavsky told investors on the call that Amazon's Prime service has grown exponentially since the company first launched it.

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More than 100 million customers around the world subscribe to Prime, which provides fast shipping and a streaming service that offers originals such as Man in the High Castle, The Grand Tour and Transparent.

If you've always wanted to try Prime, now is the time to act before the price goes up.

Amazon Prime continues to juice company profits. The company has also reported a large increase in profits and sales which has pushed its stock in a positive direction.

Prime Photos - Unlimited photo storage in Amazon Cloud Drive.

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Friday night will bring more showers and thunderstorms, as well as areas of fog, with a low around 47, forecasters said. By the morning commute, this storm will be moving away with clearing skies and only a slight chance for a shower.

Amazon's share price rose seven per cent in after-hours trading following the release of its Q1 financial results, which saw the online retailer once again beat expectations with $1.6bn (£1.16bn) in net income, up from $724m a year ago.

Third-party sellers are a beneficiary of Amazon's strong quarter. "Again, it's a testament to where the momentum is going and the momentum is moving toward Amazon's best interest".

For the second quarter, Amazon forecast revenues of Dollars 51-54 billion, equal to growth of 34-42 percent. That added an estimated US$8bn to Amazon CEO Jeff Bezos' net worth. Meanwhile, Bezos' annual 2017 compensation was $1,681,840.

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