Some companies were built to thrive during the pandemic. Some were built to absolutely dominate as the world was shut down, and at the top of that list is Amazon.
We all knew they have been causing it the past year, but how about the last quarter? The results were released today, with the earnings report for Q1, and the numbers are staggering.
Sales soared 44% year over year. The number is $108.5 billion, pretty impressive, and they are projecting Q2 to come in at $110-$116 billion.
What does that mean? Well, MacKenzie Scott is going to be able to give away a whole lot more of her fortune to needy charities.
Another bit of news is Amazon making it official that this year’s Prime Day will happen in June, a month earlier that when it typically is in July.
Why? CFO Brian Olsavsky can answer that question. “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”
Diving deep on Amazon’s numbers, AWS (Amazon Web Services) had net sales of $13.5 billion in the quarter. Their “other” category, (advertising) came in at $6.9 billion.
Prime Video did their job too, according to Jeff Bezos. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year.”
Another bit of news for Amazon, they announced Wednesday they will spend more than $1 billion to raise the wages of half a million of their workers in the U.S.
The wealth will be spread. Stockholders, employees, and yeah, Jeff Bezos might crack the $200 billion net worth mark too.