In this 2019 photo, Amazon packages move along a conveyor at an Amazon warehouse facility in Goodyear, Arizona. (AP Photo/Ross D. Franklin, File)

In this 2019 photo, Amazon packages move along a conveyor at an Amazon warehouse facility in Goodyear, Arizona. (AP Photo/Ross D. Franklin, File)

Amazon’s profit more than triples as pandemic boom continues

The company said it was giving more than 500,000 workers a raise of between 50 cents and $3 an hour.

By Joseph Pisani / Associated Press

NEW YORK — Amazon’s pandemic boom isn’t showing signs of slowing down.

The company said Thursday that its first-quarter profit more than tripled from a year ago, fueled by the growth of online shopping. It also posted revenue of more than $100 billion, the second quarter in a row that the company has passed that milestone.

Amazon is one of the few retailers that has benefited during the pandemic. As physical stores temporarily closed, people stuck at home turned to Amazon to buy groceries, cleaning supplies and more. That doesn’t seem to be dying down.

In the first three months of this year, the company reported profit of $8.1 billion, compared to $2.5 billion the year before. Earnings per share came to $15.79, about $6 more per share than what Wall Street analysts expected, according to FactSet.

Revenue jumped 44% to $108.5 billion. Seattle-based Amazon is one of four American companies that have reported quarterly revenue above $100 billion. The others are iPhone maker Apple, oil and gas company Exxon Mobil and retailer Walmart.

Amazon said revenue will remain at that level in the second quarter, expecting between $110 billion and $116 billion. Part of the reason why: It plans to hold Prime Day, its popular sales event, during the quarter. Amazon didn’t specify a date for Prime Day, but said it would happen before the end of June.

Besides online shopping, Amazon’s other businesses grew, too. Sales at its cloud-computing business, which helps power the online operations of Netflix, McDonald’s and other companies, grew 32% in the quarter. And at its unit that includes its advertising business, where brands pay to get their products to show up first when shoppers search on the site, sales rose 77%.

Amazon’s growth comes as it faces activism from within its workforce. Workers at a warehouse in Alabama tried to unionize, saying they wanted better pay and more break time. But a majority of voters batted down that effort.

This week, Amazon announced it was giving more than 500,000 workers a raise of between 50 cents and $3 an hour starting next month to attract new workers. The company already pays at least $15 an hour.

The online shopping giant has been on a hiring spree to keep up with a surge in orders. It had 1.27 million employees at the end of March, adding more than 430,000 people in the last year.

Talk to us

More in Herald Business Journal

Members of Gravitics' team and U.S. Rep. Rick Larsen stand in front of a mockup of a space module interior on Thursday, August 17, 2023 at Gravitics' Marysville facility. Left to right: Mark Tiner, government affairs representative; Jiral Shah, business development; U.S. Rep. Rick Larsen; Mike DeRosa, marketing; Scott Macklin, lead engineer. (Gravitics.)
Marysville startup prepares for space — the financial frontier

Gravitics is building space station module prototypes to one day house space travelers and researchers.

Orca Mobility designer Mike Lowell, left, and CEO Bill Messing at their office on Wednesday, Aug. 16, 2023 in Granite Falls, Washington. (Olivia Vanni / The Herald)
Could a Granite Falls startup’s three-wheeler revolutionize delivery?

Orca Mobility’s battery-powered, three-wheel truck is built on a motorcycle frame. Now, they aim to make it self-driving.

Catherine Robinweiler leads the class during a lab session at Edmonds College on April 29, 2021. (Kevin Clark / The Herald)
Grant aids apprenticeship program in Mukilteo and elsewhere

A $5.6 million U.S. Department of Labor grant will boost apprenticeships for special education teachers and nurses.

Peoples Bank is placing piggy banks with $30 around Washington starting Aug. 1.
(Peoples Bank)
Peoples Bank grant program seeks proposals from nonprofits

Peoples Bank offers up to $35,000 in Impact Grants aimed at helping communities. Applications due Sept. 15.

Workers build the first all-electric commuter plane, the Eviation Alice, at Eviation's plant on Wednesday, Sept. 8, 2021 in Arlington, Washington.  (Andy Bronson / The Herald)
Arlington’s Eviation selects Seattle firm to configure production plane

TLG Aerospace chosen to configure Eviation Aircraft’s all-electric commuter plane for mass production.

Jim Simpson leans on Blue Ray III, one of his designs, in his shop on Friday, August 25, 2023, in Clinton, Washington. (Ryan Berry / The Herald)
Whidbey Island master mechanic building dream car from “Speed Racer”

Jim Simpson, 68, of Clinton, is using his knowledge of sports cars to assemble his own Mach Five.

An Amazon worker transfers and organizes items at the new PAE2 Amazon Fulfillment Center on Thursday, Sept. 14, 2023, in Arlington, Washington. (Ryan Berry / The Herald)
Amazon cuts ribbon on colossal $355M fulfillment center in Arlington

At 2.8 million square feet, the facility is the largest of its kind in Washington. It can hold 40 million “units” of inventory.

A computer rendering of the North Creek Commerce Center industrial park in development at 18712 Bothell-Everett Highway. (Kidder Mathews)
Developer breaks ground on new Bothell industrial park

The North Creek Commerce Center on Bothell Everett Highway will provide warehouse and office space in three buildings.

Dan Bates / The Herald
Funko president, Brian Mariotti is excited about the growth that has led his company to need a 62,000 square foot facility in Lynnwood.
Photo Taken: 102312
Former Funko CEO resigns from the Everett company

Brian Mariotti resigned Sept. 1, six weeks after announcing he was taking a six-month sabbatical from the company.

Cash is used for a purchase at Molly Moon's Ice Cream in Edmonds, Washington on Wednesday, Aug. 30, 2023. (Annie Barker / The Herald)
Paper or plastic? Snohomish County may require businesses to take cash

County Council member Nate Nehring proposed an ordinance to ban cashless sales under $200. He hopes cities will follow suit.

A crowd begins to form before a large reception for the opening of Fisherman Jack’s at the Port of Everett on Wednesday, August 30, 2023, in Everett, Washington. (Ryan Berry / The Herald)
Seafood with a view: Fisherman Jack’s opens at Port of Everett

“The port is booming!” The new restaurant is the first to open on “restaurant row” at the port’s Waterfront Place.

Tanner Mock begins unwrapping new furniture that has been delivered on Thursday, Aug. 24, 2023 in Everett, Washington. (Olivia Vanni / The Herald)
In Everett, new look, new name for mainstay Behar’s Furniture

Conlin’s Furniture, based in South Dakota, bought the huge store and celebrates with a grand opening this week.