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

Students use a modular skills trainer during class Thursday morning at Edmonds Community College on April 29, 2021.
(Kevin Clark / The Herald)
Nurses Week, from May 6- 12, honors the nation’s caregivers

Local nursing students and faculty say they couldn’t let the pandemic get in the way of their goals.

The Waterfront Place Apartments north building at the Port of Everett’s Waterfront Place cold see residents moving in by May 15. on Thursday, April 22, 2021 in Everett, Washington. (Andy Bronson / The Herald)
Now playing at the Port of Everett: sudden density

New Waterfront Place Apartments open May 15 at the port — local retailers welcome the influx.

Highland Simulant, a simulated lunar soil made by Off Planet Research, pours from a researcher's hands. Photo credit: Off Planet Research
Space company makes a soft landing at the Port of Everett

Off Planet Research creates simulated lunar soils here, so that moon landers can touch down gently.

Owners Krista and Eric Brown sit among rows of wines at The Grape & Grain, a new independent beer and wine store on Evergreen Way, on Wednesday, April 28, 2021 in Everett, Washington.  (Andy Bronson / The Herald)
New Everett wine and beer shop focuses on local brands

The Grape & Grain store offers wine and beer from “our backyard” — Washington, Oregon and California.

Chai Cupboard is a new loose tea and spice shop downtown, owned by Jeni Ellis and husband Tim, on Thursday, April 22, 2021 in Everett, Washington. (Andy Bronson / The Herald)
New downtown Everett store offers loose tea and spices

Bring your tea caddy or spice jar: Chai Cupboard carries more than 100 teas and 100 spices.

Indian drink condiments cartoon vector illustration. Traditional beverage flavourings in wooden bowls flat color object. Tea additives, hot drink ingredients isolated on white background
You voted: The best Indian food in Snohomish County

Even during a pandemic, people still have their favorites.

FILE - In this Feb. 14, 2019, file photo, people stand in the lobby for Amazon offices in New York. Amazon, which has been under pressure from shoppers, brands and lawmakers to crack down on counterfeits on its site, said Monday, May 10, 2021, that it blocked more than 10 billion suspected phony listings last year before any of their offerings could be sold. (AP Photo/Mark Lennihan, File)
Amazon blocked 10 billion listings in counterfeit crackdown

Scammers tried to take advantage of shoppers who were buying more online during the pandemic.

A Mexican tacos food truck, people ordering and waiting their takeaway food
You voted: The best food truck in Snohomish County

Even during a pandemic, people still have their favorites.

One of the Jetty Island ferry captains waits for boarders as the ferry begins operations for the summer on Wednesday, Jul. 6, 2016 in Everett, Wa. (Andy Bronson / The Herald)
Port, county to pay Everett for Jetty Island ferry this year

The Port of Everett and Snohomish County plan to make an online system for $3 reservations.

Boeing crash victims’ families push for changes at FAA

Hundreds are demanding the ouster of the agency’s administrator, Stephen Dickson, and others.

fish and chips cartoon
You voted: The best fish and chips in Snohomish County

Even during a pandemic, people still have their favorites.

An artist’s rendering of the Amazon distribution center at the Cascade Industrial Center in Arlington.
A tax break used by Arlington, Marysville goes statewide

It’s helped land businesses in Cascade Industrial Center. Soon every city will get a chance to try it.