Please ensure Javascript is enabled for purposes of website accessibility
Amazon's Profit More Than Triples as Pandemic Boom Continues
gvw_ap_news
By Associated Press
Published 4 years ago on
April 30, 2021

Share

NEW YORK — 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 a row that the company has passed that milestone.

As Physical Stores Struggle, Amazon Benefits from Pandemic

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% to $108.5 billion. Seattle-based 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. Part of the reason why: 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.

Besides online shopping, Amazon’s other businesses grew, too. Sales at its cloud-computing business, which helps power the online operations of Netflix, McDonald’s and other companies, grew 32% in the quarter. And at its unit that includes its advertising business, where brands pay to get their products to show up first when shoppers search on the site, sales rose 77%.

Hiring Spree to Keep Up with Orders

Amazon’s growth comes as it faces activism from within its workforce. Workers at a warehouse in Alabama tried to unionize, saying they wanted better pay and more break time. But a majority of voters batted down that effort.

This week, Amazon announced it was giving more than 500,000 workers a raise of between 50 cents and $3 an hour starting next month to attract new workers. The company already pays at least $15 an hour.

The online shopping giant has been on a hiring spree to keep up with a surge in orders. It had 1.27 million employees at the end of March, adding more than 430,000 people in the last year.

Shares of Amazon.com Inc., which are up 40% in the last year, rose 2.6% in after-hours trading Thursday.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Republicans’ Trust in Media Increases Following Trump’s Return to White House

DON'T MISS

Jeanine Pirro to Be Interim US Attorney for DC, Trump Says

DON'T MISS

Fresno Police Catch Fleeing Gang Member Who Tossed Gun Over Fence

DON'T MISS

Suit Challenges New Rules on Children in Federal Custody Who Crossed Into US

DON'T MISS

Fresno Mayor Dyer Bullish on Growth, Calls on Newsom for $200 Million

DON'T MISS

Rejoicing Peruvians See Pope Leo XIV as One of Their Own After His Many Years in Peru

DON'T MISS

FEMA’s Acting Administrator Is Replaced a Day After Congressional Testimony

DON'T MISS

North Korea’s Kim Jong Un Leads Missile Test, Stresses Nuclear Force Readiness, KCNA Says

DON'T MISS

Shohei Ohtani Could Have Landed 15-Year Deal, Agent Says, but He Didn’t Want to Risk Skills Decline

DON'T MISS

White House Overhaul of Troubled US Air Traffic Control System Will Cost ‘Lots of Billions’

UP NEXT

Rejoicing Peruvians See Pope Leo XIV as One of Their Own After His Many Years in Peru

UP NEXT

Shohei Ohtani Could Have Landed 15-Year Deal, Agent Says, but He Didn’t Want to Risk Skills Decline

UP NEXT

Joe Biden Blames Kamala Harris’ Loss on Sexism and Racism and Rejects Concerns About His Age

UP NEXT

Before Tariff Price Increases, Mark Cuban Suggests Stocking Up on These Items

UP NEXT

He Was Killed in a Road Rage Shooting. AI Allowed Him to Deliver His Own Victim Impact Statement

UP NEXT

More Older Americans Worry Social Security Won’t Be There for Them

UP NEXT

Sen. John Fetterman Raises Alarms With Outburst at Meeting With Union Officials

UP NEXT

Special Report: At Social Security, These Are the Days of the Living Dead

UP NEXT

Video: Raccoon With Meth Pipe in Its Mouth Discovered During a Routine Traffic Stop in Ohio

UP NEXT

What Customers Can Expect as Rite Aid Closes or Sells All Its Drugstores

Suit Challenges New Rules on Children in Federal Custody Who Crossed Into US

15 hours ago

Fresno Mayor Dyer Bullish on Growth, Calls on Newsom for $200 Million

15 hours ago

Rejoicing Peruvians See Pope Leo XIV as One of Their Own After His Many Years in Peru

15 hours ago

FEMA’s Acting Administrator Is Replaced a Day After Congressional Testimony

15 hours ago

North Korea’s Kim Jong Un Leads Missile Test, Stresses Nuclear Force Readiness, KCNA Says

15 hours ago

Shohei Ohtani Could Have Landed 15-Year Deal, Agent Says, but He Didn’t Want to Risk Skills Decline

15 hours ago

White House Overhaul of Troubled US Air Traffic Control System Will Cost ‘Lots of Billions’

15 hours ago

US Military to Start Kicking out Transgender Troops Next Month, Memo Says

15 hours ago

Los Angeles Coliseum and SoFi Stadium to Share Opening and Closing Ceremonies for 2028 Olympics

16 hours ago

Jennifer Aniston’s Alleged Stalker Appears in Court Shirtless and a Judge Orders a Mental Evaluation

16 hours ago

Republicans’ Trust in Media Increases Following Trump’s Return to White House

Americans’ trust in news organizations and social media has increased since last year, with Republicans driving this shift following T...

14 hours ago

https://www.communitymedical.org/thecause?utm_source=Misfit+Digital&utm_medium=GVWire+Banner+Ads&utm_campaign=Branding+2025&utm_content=thecause
14 hours ago

Republicans’ Trust in Media Increases Following Trump’s Return to White House

Fox News Channel host Jeanine Pirro and other members of the news media work outside the Manhattan Criminal Court building during the 2nd day of jury deliberations in former U.S. President Donald Trump’s criminal trial over charges that he falsified business records to conceal money paid to silence porn star Stormy Daniels in 2016, in New York City, U.S. May 30, 2024. REUTERS/Mike Segar
14 hours ago

Jeanine Pirro to Be Interim US Attorney for DC, Trump Says

Fresno police arrested a known gang member who ran from officers and tossed a gun over a fence in southeast Fresno. (Fresno PD)
14 hours ago

Fresno Police Catch Fleeing Gang Member Who Tossed Gun Over Fence

15 hours ago

Suit Challenges New Rules on Children in Federal Custody Who Crossed Into US

15 hours ago

Fresno Mayor Dyer Bullish on Growth, Calls on Newsom for $200 Million

15 hours ago

Rejoicing Peruvians See Pope Leo XIV as One of Their Own After His Many Years in Peru

15 hours ago

FEMA’s Acting Administrator Is Replaced a Day After Congressional Testimony

A handout photo shows missiles being launched, in North Korea, May 8, 2025. KCNA via REUTERS
15 hours ago

North Korea’s Kim Jong Un Leads Missile Test, Stresses Nuclear Force Readiness, KCNA Says

Help continue the work that gets you the news that matters most.

Search

Send this to a friend