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Shares in Costco rose in after-hours trading, following the company's announcement of better-than-expected profits, combined with its 14th-straight month of same-store sales growth.

Costco's secret sauce is a mix of low prices, well-trained staff, and an ever-changing, but limited assortment of products, which have all kept Americans flocking to Costco outlets when other retailers have lost business to the Internet.

The most important number in Thursday's report was a 43.5% increase in e-commerce sales year-over year.

  • Though Costco stock is up more than 18% this year, it has lagged competitors like Amazon and Walmart over fears that the company is clinging too tightly to its profitable retail warehouses—these numbers will assuage some of those concerns.
  • During a call with analysts Thursday, CFO Richard Galanti stressed that Costco is experimenting with e-commerce "in our own way," and also, "pretty cheaply," using experiments like buy online and pick-up in store, which has the added benefit of driving traffic to its warehouses.
  • It's a delicate balancing act that, so far, investors are cheering.

Go deeper

Cuomo: "I am not going to resign"

New York Gov. Andrew Cuomo apologized Wednesday for acting in a way that made women feel "uncomfortable," but insisted that he has "never touched anyone inappropriately" and said he will not resign.

Driving the news: Cuomo reiterated in his first public appearance since sexual harassment allegations surfaced that he will fully cooperate with a team of independent investigators appointed by New York Attorney General Letitia James, but suggested that demands for his resignation from were simply "politics."

Facebook to lift political ad ban imposed after November election

Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images

Facebook will finally allow advertisers to resume running political and social issue ads in the U.S. on Thursday, according to a company update.

The big picture: Facebook and rival Google instituted political ad bans to slow the spread of misinformation and curb confusion around the presidential election and its aftermath.

Bryan Walsh, author of Future
45 mins ago - Technology

AI is industrializing

Illustration: Sarah Grillo/Axios

Artificial intelligence is becoming a true industry, with all the pluses and minuses that entails, according to a sweeping new report.

Why it matters: AI is now in nearly every area of business, with the pandemic pushing even more investment in drug design and medicine. But as the technology matures, challenges around ethics and diversity grow.