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.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.