Katherine Anne Long / The Seattle Times
Continuing its career as a gangbuster pandemic, Amazon saw tremendous year-over-year sales and profit increases in the first three months of the year.
Much of its revenue will flow back into the company, however: Amazon plans to continue spending heavily to keep the nearly 50 million new Prime subscribers it gained during the pandemic, CFO Brian Olsavsky said Thursday.
Revenue increased 44% year over year to $ 108.5 billion. The company’s net income more than tripled to a record $ 8.1 billion, or $ 15.79 per share. According to Seeking Alpha, Amazon’s performance outperformed analysts’ forecasts, who had forecast revenue of approximately $ 104.7 billion with earnings per share of $ 9.62.
The pandemic has earned Amazon record profits as local shoppers turned to online retail in the midst of a wave of physical stores …