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American multinational company that focuses on e-commerce Amazon released its financial statement for the first quarter ended March 31, 2021. The financial report shows that the e-commerce company had a joyful first quarter as the company was able to bring in a whopping $108.5 billion in net sales.
Amazon saw a 44% year-on-year growth in the first quarter of 2021 as they had recorded $75.5 billion in net sales back in the first quarter of 2020. With sales of $108.5 billion, the company experienced a net profit of $8.1 billion. The profits of Amazon have exploded year-on-year as the recorded profit in the first quarter of 2020 was just $2.5 billion. This marks the 78th consecutive quarter since 2011 that Amazon has reported double-digit year-on-year growth.
Jeff Bezos, Amazon Founder, and CEO
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Amazon also credits their AWS (Amazon Web Services) and Prime Videos for playing an important part in the company’s success. The company reported 70% year-on-year growth in streaming hours of Prime Videos with over 200 million Prime members. On the other hand, AWS also saw a 32% year-on-year growth in its revenue which accounts for almost 12% of Amazon’s total revenue in the first quarter of 2021.
“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,” - Jeff Bezos, Amazon founder, and CEO on AWS and Prime Videos.
Despite the COVID-19 pandemic, Amazon had a successful 2020 and the company is carrying that momentum in 2021. Amazon expects that the company will cross $100 billion next quarter as well.
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- Apple reports a total of $89.6 billion in revenue over the past three months
- Samsung leads the global smartphone market in Q1 of 2021
