Amazon Pandemic Profit Triples
Amazon’s Q1 pandemic boom has seen profit more than triple from a year ago, fuelled by the growth of online shopping. Amazon also posted revenue of more than US$100 billion, the second quarter in a row that the company has passed that milestone.
In the first three months of this year, the company reported profit of $8.1 billion, compared to $2.5 billion the year before.
Revenue jumped 44 percent to $108.5 billion with Amazon one of four US companies that have reported quarterly revenue above $100 billion.
Jeff Bezos, Amazon CEO (pictured), has joined the other three: Apple, Exxon Mobil and Walmart.
Amazon said revenue will remain at that level in Q2, expecting between $110 billion and $116 billion.
Amazon announced it was giving more than 500,000 workers a raise of between 50 cents and $3 an hour starting next month to attract new workers.