The pandemic boom for Amazon isn’t showing any signs of slowing down. Now, as per Amazon’s financial report, the e-commerce giant has earned more in 2020 than its previous three years combined. Amazon recently shared its earnings report via an official blog post. It said the e-commerce giant managed to earn $26.9 billion in profit from April 2020 to March-end, 2021. This is close to $2 billion more than the cumulative profit of $24.7 billion that the company earned between 2017 and 2019.
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.
The company said Thursday that its first-quarter profit more than tripled from a year ago, as the pandemic revved a trend of shopping online instead of in real-world stores. The report says Amazon’s net sales have increased 44 percent, amounting to $108 billion in the first quarter of 2021, whereas it made only $75.5 billion, same time last year.
In the first three months of this year, the company reported profit of USD 8.1 billion, compared to USD 2.5 billion the year before. Amazon states that it is expecting its operating income for the current quarter to around $4.5 billion and $8 billion. This includes around $1.5 billion in costs related to Covid-19. This is the 78th consecutive quarter of double-digit year over year growth, and marks the highest growth rate since 2011.
More than 200 million people around the world now pay to be members of Amazon Prime, which provides fast, free delivery along with a streaming television service that vies with Netflix. Seattle-based Amazon boasted that its studios making original shows for Prime had their most successful awards season to date this year.Earnings per share came to USD 15.79, about USD 6 more per share than what Wall Street analysts expected, according to FactSet. Revenue jumped 44 per cent to USD 108