Business

Amazon earned more during the pandemic than in three years

Amazon earned more during the pandemic than in three years

In the first quarter of this year, Amazon’s net income rose to $8.107 billion, or $15.79 per share.

Amazon, the world’s largest online retailer, made a net profit of $26.9 billion in the twelve months ended March 31. This is more than the company’s profit in the three full years before the start of the  pandemic (2017-2019) — $24.7 billion, according to MarketWatch.

In the first quarter of this year, Amazon’s net income rose to $8.107 billion, or $15.79 per share, compared with $2.535 billion, or $5.01 per share, in the same period last year.

Revenue increased 44% to $108.518 billion from $75.452 billion a year earlier. Excluding changes in currency exchange rates, it rose by 41%.

Thus, the company’s revenue exceeded the $100 billion mark for the second consecutive quarter. It is also expected to remain above this level this quarter, as the  pandemic has given an unprecedented boost to online trading.

Amazon’s stock prices rose in electronic trading on Thursday after the publication of the report. The online retailer’s market value has increased by 47% over the past year and now stands at $1.74 trillion.

Recall that the head of Amazon, Jeff Bezos, again became the richest man in the world according to the Bloomberg Billionaires Index (BBI). Bezos ‘ fortune increased by $884 million to $191 billion.

It was also reported that Bezos will leave the post of CEO of in 2021. He expects that now he will have more time for other projects and “hobbies”.



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