COVID-19: 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 percent  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.

Jeff Bezos, Amazon founder and CEO stated that, ‘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. As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year’.

There are now more than 200 million paid Prime members worldwide. In just 15 years, AWS has become a $54 billion annual sales run rate business competing against the world’s largest technology companies, and its growth is accelerating up 32 per cent year over year, later Bezos added.

Amazon’s sales increased more internationally than in North America. International revenue surged 60 per cent year over year while North America revenue jumped 40 per cent.