Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

An Amazon fulfillment center. Photo: Paul Hennessy/NurPhoto via Getty Images

Amazon is beefing up its Prime membership offering, moving from free 2-day shipping to 1-day.

Why it matters: Retailers are already racing to come close to Amazon's shipping prices and speeds. This will squeeze competition even further.

Context: Amazon has over 100 million Prime members in just the U.S., and there are currently about 100 million products on its site that are eligible for free 2-day shipping.

Details: CFO Brian Olsavsky told analysts the company expects the offering to cost $800 million in the second quarter. He said he expects the move to make Prime even "stickier." Cutting delivery times in half "will open up a lot of potential purchases," Olsavsky said.

The big picture: Amazon reported $7.09 in earnings per share for the first quarter of 2019, plowing through analysts' expectations of $4.72.

  • The e-commerce behemoth saw $59.7 billion in sales this quarter — a 17% jump from Q1 2018.
  • Revenue for its cloud business, AWS, was $7.7 billion. Both revenue figures were in line with analysts expectations.

What's happening:

  • Amazon saw fatter profit margins this quarter, leading to stronger than expected earnings per share. The company reported a record $3.6 billion in net income — more than double last year's $1.6 billion.
  • AWS profits were $2.2 billion, up about 57% from $1.4 billion last year.
  • Amazon also shrunk its losses internationally and doubled operating profits in North America, per the earnings release.

Go deeper

1 hour ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

IPOs keep rolling despite stock market volatility

Illustration: Aïda Amer/Axios

Stock market volatility is supposed to be kryptonite for IPOs, causing issuers to hide out in their private market caves.

Yes, but: This is 2020, when nothing matters.