Tech

Amazon posts record first-quarter profits three times more than a year ago

Amazon.com continues to profit from American pandemic shopping habits, recording a record first-quarter profit of $ 8.11 billion, more than triple its revenue in the first quarter of 2020. ..

The e-commerce giant reported sales for the quarter ending March 31 were $ 108.5 billion, up 44% from the year-ago quarter. AWS, the cloud services division that generated half of Amazon’s profits, maintained steady growth of 32% year-on-year, while sales in North America, Amazon’s largest segment, increased 40% year-over-year. did.

Amazon shares have risen 6.5% since the beginning of the year, and the S & P 500 Index has risen 12%. However, Amazon’s share price has skyrocketed 78% since March last year when the coronavirus pandemic first required online shopping for many US consumers.

The company announced plans to raise wages for about 500,000 American workers this week. Each worker receives a salary increase of 50 cents to $ 3 per hour.

This is a developing story.

Amazon posts record first-quarter profits three times more than a year ago

Source link Amazon posts record first-quarter profits three times more than a year ago

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