Amazon has announced its fourth-quarter financial results, confirming that it turned a profit over the holiday period, according to Digital Spy.

The online retailer raked in $29.33 billion from holiday sales and reported net income totalling $241 million.

While its profits for the period in question were relatively modest, the company's Amazon Prime subscription service saw significant gains.

Prime memberships rose by 53% worldwide last year and 50% in the US, with subscribers found to step up their purchases after joining up.

Amazon has pledged heavy investment in Prime going forward, and revealed that it ploughed $1.3 billion into Instant Video in 2014.

The company is expected to feel the impact of this investment in its next fiscal quarter, during which losses of $450 million have been forecast.