Amazon Quarterly Profit Triples As Online Sales Boom
04/29/21 AT 4:50 PM
Tech and e-commerce colossus Amazon on Thursday reported that its profit in the recently ended quarter tripled as online sales boomed.
Total revenue soared to $108.5 billion, an increase of 44 percent from the same period a year earlier, as the pandemic revved a trend of shopping online instead of in real-world stores.
Profit in the quarter was $8.1 billion, compared with $2.5 billion in the first three months of last year. Amazon shares jumped more than five percent in after-market trades.
The Amazon Web Services unit that hosts services and data in the internet cloud saw revenue in the quarter climb to $13.5 billion as compared with $10.2 billion in the first quarter of 2020.
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