{"id":20231,"date":"2021-05-02T18:01:07","date_gmt":"2021-05-02T18:01:07","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=20231"},"modified":"2021-05-02T18:01:09","modified_gmt":"2021-05-02T18:01:09","slug":"amazon-hopes-pandemic-habits-stick-after-profits-triple","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=20231","title":{"rendered":"Amazon hopes pandemic habits stick after profits triple"},"content":{"rendered":"\n

Amazon continued to cash in on our new shop-work-relax-from-home habits in the first three months of this year, reporting a huge rise in sales and a tripling of profits.<\/p>\n\n\n\n

Almost every aspect of the Covid-19 pandemic has served to boost the tech giant\u2019s revenues, from video streaming to grocery delivery.<\/p>\n\n\n\n

It said it expects the boom to continue over the next few months.<\/p>\n\n\n\n

The pandemic could herald \u201ca golden age\u201d for Amazon, one analyst said.<\/p>\n\n\n\n

Amazon\u2019s are the latest blow-out results from Big Tech this week. Apple, Facebook, Microsoft and Google\u2019s parent firm Alphabet have all reported big sales increases a year after the start of the Covid-19 pandemic.<\/p>\n\n\n\n

The Amazon group has continued to spread its reach into automated grocery stores, online healthcare services, even experimenting with a bricks-and-mortar hair and beauty salon in London.<\/p>\n\n\n\n

But its core offerings: online shopping with home delivery, media streaming and cloud-based web-services all flourished during a year of upheaval for other businesses.<\/p>\n\n\n\n

Revenue rose from $75bn (\u00a354bn) this time last year to $108.5bn for the three months to the end of March.<\/p>\n\n\n\n

Profit was $8.1bn, up from $2.5bn a year ago.<\/p>\n\n\n\n

Chief executive Jeff Bezos highlighted the streaming service Prime Video and AWS, the web-services division, and said he was \u201cproud to have them in the family\u201d.<\/p>\n\n\n\n

\u201cAs 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,\u201d he said.<\/p>\n\n\n\n

He said AWS had grown in its first 15 years to deliver $54bn annual sales \u201ccompeting against the world\u2019s largest technology companies.\u201d<\/p>\n\n\n\n

Mr Bezos is stepping down as chief executive this summer, though he will remain in the less hands-on role of executive chairman. He will be succeeded by AWS\u2019s chief executive Andy Jassy.<\/p>\n\n\n\n

Nicholas Hyett, Equity Analyst at Hargreaves Lansdown said Amazon\u2019s results were \u201cstellar\u201d particularly given the extra costs associated with doing business during the pandemic.<\/p>\n\n\n\n

\u201cAmazon\u2019s modus operandi has always been to pour internally generated cash into new investment opportunities wherever possible \u2013 but at present it seems to be struggling to find homes for its embarrassment of riches,\u201d he said.<\/p>\n\n\n\n

\u201cThis could be a golden age for the group. With high streets shut, Amazon is a natural home for consumers\u2019 spare cash, AWS services remote working, which has suddenly become the norm, and tech wizardry is all the more useful when we can\u2019t see friends and family in person.\u201d<\/p>\n\n\n\n