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Amazon smashes earnings forecast as cloud revenue hits $54B annual run rate
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Amazon.com Inc. boomed last year thanks to COVID-19 spurring both a consumer rush to buy online and a business imperative to move operations to the cloud and not even the easing of the pandemic in some parts of the world has slowed its momentum.
That was apparent today when the retail and cloud computing giant reportedfirst-quarter results that blew away expectations. It earned a profit of $8.1 billion, or $15.79 a share, more than triple the $2.5 billion in earned a year ago, even in what’s traditionally a slower quarter following the holidays. Revenue jumped 44%, to $108.52 billion, thanks to strength in both retail and cloud computing.
Amazon stock climbs 3% after delivering a huge earnings beat with Q1 revenue up 44% to $108 billion
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Amazon stock climbs 2% after delivering a huge earnings beat with Q1 revenue up 44% to $108 billion snagarajan@businessinsider.com (Shalini Nagarajan)
Amazon shares rose slightly on Friday after smashing Q1 analyst estimates.
Quarterly profit tripled for the e-commerce retailer at a time when uncertainty was rampant. It appears to be a question of when, and not if, it becomes a $2 trillion company, one analyst said.
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Quarterly revenue rose 44% to $108.52 billion, boosted by strong growth in e-commerce and AWS (Amazon Web Services) cloud-services.
Profits meanwhile tripled to $8.1 billion, far above the previous quarter s $2.5 billion. Amazon delivered remarkable results even compared to the lofty expectations analysts held for the stock, DailyFX strategist Peter Hanks said.