Online retail giant, Amazon, announced on Thursday (3rd February 2022) that it will be increasing the price of its Prime membership for U.S. customers, citing rising costs as the reason behind the decision. In a letter to investors outlining its fourth quarter earnings, Amazon stated that increased wage and transportation costs along with its expansion of membership benefits has led to the decision to increase its Prime fees. Monthly Prime memberships will increase from US $12.99 to US $14.99 (up 15.4%), and annual memberships will be hiked to US $139 from the current US $119 (up 16.81%). The price change will go into effect for new members starting 18th February 2022, and existing members will see their fees go up on the date of their next renewal after 25th March 2022. For the quarter ending 31st December 2021, Amazon’s profits doubled to US $14.3 Billion, blowing past Wall Street analysts’ expectations. Wall Street had expected an Earnings Per Share (EPS) of US $3.44, but the online retailer delivered a staggering US $27.75. Investors appeared to like the results, as the company's stock shot up more than 18% in after-hours trading following the report. This is the first time Amazon will be raising its Prime fees since 2018 — when an annual membership used to cost US $99. You can grab a free 30-day trial of Amazon Prime here. We may receive a small commission if you choose to support us via that Affiliate link. [Source: Fox Business]
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