Amazon Q1 profit triples as sales surge above $100bn

Photo: AP

The biggest e-commerce company in the world Amazon is also the biggest winner from pandemic, AP reported. Amazon continued to cruise on the pandemic online trading boom and sales in the first quarter of 2021 topped 100 billion dollars. The company noted that clients attracted to online ordering in the peak of pandemic, remained with the firm and kept on buying online even though Covid-19 retreated from their countries and regions and the pandemic-driven restrictions were eased.

Amazon announced it had to employ new 500,000 people to facilitate the increased demand. The company elaborated that pandemic boom isn’t showing signs of slowing down. Amazon said that its first-quarter profit more than tripled from a year ago, fueled by the growth of online shopping. It also posted revenue of more than $100 billion, the second quarter in a row that the company has passed that milestone.

Amazon is one of the few retailers that has benefited during the pandemic. As physical stores temporarily closed, people stuck at home turned to Amazon to buy groceries, cleaning supplies and more. That doesn’t seem to be dying down. In the first three months of this year, the company reported profit of $8.1 billion, compared to $2.5 billion the year before. Revenue jumped 44% to $108.5 billion. Amazon is one of four American companies that have reported quarterly revenue above $100 billion. The others are iPhone maker Apple, oil and gas company Exxon Mobil and retailer Walmart.

Amazon said revenue will remain at that level in the second quarter, expecting between $110 billion and $116 billion. It plans to hold Prime Day, its popular sales event, during the quarter. Amazon didn’t specify a date for Prime Day, but said it would happen before the end of June.

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