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 3 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

Jack Black, a Small Dog With a Big Heart, Is Looking for His Forever Home

DON'T MISS

Kamala Harris: A Baptist With a Jewish Husband and a Faith That Traces Back to MLK and Gandhi

DON'T MISS

What Italian Grandmothers Can Teach You About Healthy Eating

DON'T MISS

CA Has Seen Many New Towns, but This Big Project Is Stalled

DON'T MISS

Kern County Farmland Values Continue Downward Slide

DON'T MISS

Crescent View West High Celebrates New Clovis Home

DON'T MISS

Fresno Man Sentenced to 29 Years for Sexually Assaulting Children and Dog

DON'T MISS

Bulldogs’ Two-Position Standout Tommy Hopfe Signs With Rockies

DON'T MISS

Artists, Vendors Plan to Defy City’s ArtHop Crackdown

DON'T MISS

Former Bulldog QB Jake Haener: I Have a ‘Rare Form of Skin Cancer’

UP NEXT

The Many Names of GOP Vice Presidential Nominee JD Vance

UP NEXT

Warner Bros. Discovery Sues NBA for Not Accepting Its Matching Offer

UP NEXT

Netanyahu Will Meet Trump at Mar-a-Lago, Mending a Yearslong Rift

UP NEXT

Watch: Breaking Down Netanyahu’s Speech in Congress

UP NEXT

Recall of Boar’s Head Deli Meats Announced During Investigation of Listeria Outbreak

UP NEXT

Uvalde, Texas, School Officer Pleads Not Guilty to Charges of Failing to Protect Kids During Attack

UP NEXT

Spicy Dispute Over the Origins of Flamin’ Hot Cheetos Winds up in Court

UP NEXT

Harris Tells Netanyahu ‘It Is Time’ to Get Hostage Deal Done and End Gaza War

UP NEXT

Biden and Netanyahu Meet With a Show of Amiable Relations Despite Tensions

UP NEXT

Fresno County Sheriff Thanks Community for Their Help in Finding Relatives of Deceased Man

CA Has Seen Many New Towns, but This Big Project Is Stalled

1 hour ago

Kern County Farmland Values Continue Downward Slide

1 hour ago

Crescent View West High Celebrates New Clovis Home

12 hours ago

Fresno Man Sentenced to 29 Years for Sexually Assaulting Children and Dog

13 hours ago

Bulldogs’ Two-Position Standout Tommy Hopfe Signs With Rockies

13 hours ago

Artists, Vendors Plan to Defy City’s ArtHop Crackdown

14 hours ago

Former Bulldog QB Jake Haener: I Have a ‘Rare Form of Skin Cancer’

14 hours ago

The Many Names of GOP Vice Presidential Nominee JD Vance

15 hours ago

‘Fed Up’ Dyer, Councilmembers Unveil Plan to Crack Down on Street Campers

15 hours ago

House Republicans Slam Trump’s ‘Worst Choice’ for VP Pick JD Vance

15 hours ago

Jack Black, a Small Dog With a Big Heart, Is Looking for His Forever Home

In October last year, a heartwarming tale of resilience and recovery began in the unlikeliest of places: a crate abandoned in an alley. This...

26 mins ago

26 mins ago

Jack Black, a Small Dog With a Big Heart, Is Looking for His Forever Home

31 mins ago

Kamala Harris: A Baptist With a Jewish Husband and a Faith That Traces Back to MLK and Gandhi

46 mins ago

What Italian Grandmothers Can Teach You About Healthy Eating

1 hour ago

CA Has Seen Many New Towns, but This Big Project Is Stalled

1 hour ago

Kern County Farmland Values Continue Downward Slide

12 hours ago

Crescent View West High Celebrates New Clovis Home

13 hours ago

Fresno Man Sentenced to 29 Years for Sexually Assaulting Children and Dog

13 hours ago

Bulldogs’ Two-Position Standout Tommy Hopfe Signs With Rockies

MENU

CONNECT WITH US

Search

Send this to a friend