Amazon’s profits soar as online shopping surges amid pandemic

Riding on the continued surge in online shopping, Amazon has posted another record quarter, with sales soaring 44 per cent (on-year) to $108.5 billion.

Net income increased to $8.1 billion in the March quarter, compared with net income of $2.5 billion in the first quarter of 2020, showing how millions of people now shop on the platform as pandemic continues to ravage the retail sector.

Amazon shares climbed more than 3 per cent in extended trading on Thursday.

Amazon said that in the second quarter (April-June), it expects to post revenue between $110 billion and $116 billion.

“Two of our kids are now 10 and 15 years old — and after years of being nurtured, they’re growing up fast and coming into their own,” said Jeff Bezos, Amazon founder and CEO.