Amazon has seen its profits triple in the first three months of the year, rising from $75 billion (€62 billion this time last year to an eye-watering $108.5 billion (€89.7 billion) in the first quarter of 2021.
The company’s profits registered at $8.1 billion (€8.7 billion) from $2.5 billion (€2.1 billion) this time last year.
Analysts noted how changes brought on by the pandemic have boosted the company significantly, joining other Big Tech firms, such as Apple, Facebook, Microsoft and Google’s parent company, Alphabet, in recording blockbuster financial results this week.
Amazon has said it expects the boom to persist over the next few months.
Its core offerings, online shopping with home delivery, media streaming and cloud-based web-services have gone from strength to strength at a time when most industries have tumbled.
It has spread its product lines to offer automated grocery stores, online healthcare services and it even experiments with a bricks-and-mortar hair salon in London.
The company was better placed than most to take advantage of the disruptions and changes in patterns caused by the pandemic, which requires social distancing and more time spent at home.
Amazon’s CEO, Jeff Bezos, will be stepping down from his position this summer and will occupy the post of executive chairman instead. He will be succeeded Andy Jassy.
‘General improvement’ in quality of service performance of mobile communication providers, MCA finds
It assessed the quality of voice and data services by mobile service providers
Fiscal consolidation, climate-smart investment key to sustaining Malta’s long-term prosperity – KPMG
The report also highlights the importance of progressing Malta Vision 2050 through a clear delivery plan
‘For centuries women have been, and continue to be, an important pillar of agricultural sector’, Minister says
The minister participated in the meeting of the European Union's Agriculture and Fisheries Council, held in Brussels