Amazon happens to operate in one of the most profitable sectors for the period of the Covid-19 lockdowns in 2020; and it’s not slowing down as highlighted by its financial results for Q1 2021, bringing in $108.5 billion in net sales.
That figure is a 44 percent increase from the $75.5 billion reported at the beginning of the pandemic in the first quarter of 2020. Year-over-year, its profits increased to $8.1 billion in the first quarter of 2021. For the same period in 2020, it reported a profit of just $2.5 billion.
The company’s operating cash flow increased by 69% percent to $67.2 billion from the previous year. For the year before that Amazon financial results put its operating cash flow at $39.7 billion.
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The company expects to continue making over $100 billion net sales in the next quarter with an estimate between $110.0 billion and $116.0 billion.
Amazon CEO, Jeff Bezos, in his final annual letter to investors, highlights that the number of Amazon Prime subscribers has grown to 200 million people. This is a growth of approximately 33 percent from150 million subscribers in the fourth quarter of 2019.
Bezos is set to step down from the CEO role in the third quarter of 2021. In his stead, Andy Jassy will take over and will hope to continue to push the company in the direction of more massive profits. He’ll have to immediately tackle huge issues that the company currently faces, like unionization. One of Amazon’s ex-worker is attempting to unionize its warehouse facilities.
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