Amazon Rides on Pandemic-Induced Demand to Grow Revenues 44% in Q1

Amazon Rides on Pandemic-Induced Demand to Grow Revenues 44% in Q1

Amazon posted a first quarter revenue of $108.5 billion, a 44% jump from the same period last year, according to the company’s press release. Net income in the quarter more than tripled to $8.1 billion, from $2.5 billion in Q120.

 Amazon’s quarter earnings were driven by robust deliveries, advertising, and cloud-computing businesses.

Profits in the year since the onset of coronavirus pandemic was more than $26 billion, exceeding the previous three years combined.

Amazon expects its sales in the April-June quarter to range between $110-$116 billion.

The e-commerce giant expects to hold its annual Prime Day shopping event this June.

Amazon is also focused on strengthening its one-day shopping service and is hiring more employees and expanding capacity as the economy opens up.

The company raised its hourly workers’ wages, with at least 500,000 employees expected to get a pay uplift of between $0.5-$3 an hour.

Amazon stock is currently gaining. AMZN: NASDAQ is up 2.37% on premarket.

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