Amazon sales beat estimates as pandemic shopping continues

Amazon.com Inc. reported a big increase in sales and gave a bullish forecast, continuing a streak of rapid growth even as vaccine rollouts raised the prospect of a return to pre-pandemic shopping habits in the U.S.

First-quarter revenue jumped 44% to $108.5 billion, exceeding analysts’ estimates. Earnings were $15.79 a share, also better than Wall Street expected.

Sales will be between $110 billion and $116 billion in the quarter ending in June, the Seattle-based company said Thursday in a statement. Analysts, on average, estimated sales of $108.4 billion, according to data compiled by Bloomberg.

“Fantastic quarter,” said Poonam Goyal, a senior analyst at Bloomberg Intelligence. “Good all around and shows the staying power of changing consumer habits that will lean more toward digital.”