Lockdown winner Amazon made $13,000 PER SECOND in first quarter sales as profits hit record $8.1bn
Amazon cemented its position as one of the biggest winners of the pandemic, posting record first quarter profits of $8.1bn last night off the back of making $13,000 in sales ever second.
And it’s far from over yet.
The e-commerce giant signalled that consumers would keep spending in a growing US economy and converts to online shopping are not likely to leave.
While brick-and-mortar stores closed, Amazon has now posted four consecutive record quarterly profits, attracted more than 200m Prime loyalty subscribers, and recruited over 500,000 employees to keep up with surging demand.
Amazon said it expects operating profit for the current quarter to be between $4.5bn and $8bn, which includes about $1.5bn in costs related to Covid-19.
J. Stern & Co.’s Christopher Rossbach said of the record haul:
“Amazon has continued its extraordinary growth, with revenues well in excess of $100bn again this quarter, which equates to over $13,000 a second. This is another significant milestone as the company continues to break records, and with over 200m Prime households now, the company is entering a new paradigm.
“This huge loyal membership base will continue to default to Prime, and this will in turn deliver better network effects for users.
“The company is also lapping some of the Covid investments that it made last year, and we expect it will be able to show stronger profits in 2021 as a result.