Amazon continues to reap benefits from pandemic as profit more than triples
Amazon’s pandemic boom isn’t showing signs of slowing down.
The company said Thursday 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 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.
Earnings per share came to $15.79, about $6 more per share than what Wall Street analysts expected, according to FactSet.
Revenue jumped 44 per cent to $108.5 billion.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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