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The $50 Fire Tablet Is Now The Best-Selling Product On Amazon

Amazon posted record profit during its Q4 earnings report on Thursday, but still fell short of Wall Street expectations.

[Photo: courtesy of Amazon]

Amazon posted a record quarterly profit in its fourth-quarter 2015 earnings on Thursday.

The company reported net income of $1 per share on $35.75 billion in sales, and its revenue increased 22% from the same time last year. The earnings report was still, however, a disappointment to Wall Street. Analysts had estimated that Amazon would post $1.56 per share on $35.93 billion in revenue.

The growth in profit was largely driven by the Amazon Web Services (AWS) product, which had year-over-year revenue growth of 69%. Though AWS is the market leader, Microsoft has a competing product called Azure that is growing more quickly.

Worldwide Amazon prime memberships increased by 51% in 2015, while U.S. Prime memberships increased by 47%.

One notable item from Amazon's press release: The company's $50 Fire tablet has, according to the company, "been the No. 1 best-selling, most gifted, and most wished-for product across all items available on since its introduction 19 weeks ago."

No update on the delivery drones.