Amazon’s profit soars more than 200% in Q1 to USD 8 billion

Amazon’s profits more than tripled in the first quarter of 2021 as the pandemic continued to boost its online retail, cloud and advertising businesses, reports CNN.

The tech giant reported 8.1 billion dollars in quarterly net income, up 224 per cent from the same period in the prior year. Earnings hit 15.79 dollars per diluted share.

Total net sales from the quarter grew 44 per cent from the year-ago period to 108.5 billion dollars.

CNN said the company’s cloud unit and biggest money maker, Amazon Web Services, posted net sales of 13.5 billion dollars during the quarter, up 32 per cent year-over-year.

That is an acceleration in growth from the prior quarter as more companies adopt the technology to help manage hybrid workforces.