>> Amazon shares hitting a new record high on Friday after its first quarter earnings blew past all expectations. The ecommerce giant reported a 43% surge in revenue on Thursday thanks to strong online shopping and higher demand for its cloud services, AWS. Reuters correspondent Jeffrey Daston.>> One of the most striking details about Amazon's earning report was the strength of its advertising business.
So Amazon sells essentially ad real estate on its website so that a brand can have customers discover their product before someone else, if they win an auction, to have a sponsored result. And that business grew 139%, year over year.>> Prime, Amazon's loyalty club that includes free shipping, video streaming and other benefits, has been key to the jump in revenue.
Members, now more than 100 million strong globally, spend above average on Amazon. The price of that membership is going up by $20 to 119 a year. Analysts are praising the hike, believing it will give Amazon a war chest to fight off a potential price increase from the US postal service after Twitter rants by President Trump.