With sales up 43 percent and earnings per share nearly tripling analyst estimates, Amazon.com released quarterly results today that sent its stock soaring after hours.

In addition, the company announced a 20% price increase in its annual Amazon Prime fee, from $99 to $119, beginning May 11.

Why it matters: Amazon spent years plowing profits back into its business, telling investors it was strictly a long-term play. That long term may finally have arrived.