Amazon crushes earnings estimates with $108.5B in Q1 revenue, up 44%, profits of $8.1B, up 224%
by Taylor Soper, GeekWire
April 29, 2021
Amazon blew past expectations for its first fiscal quarter earnings, posting revenue of $108.5 billion, up 44% year-over-year, and earnings per share of $15.79, up from $5.01. Profits of $8.1 billion and an operating margin of 8.2% set new records. Analysts expected Q1 revenue of $104 billion and earnings per share of $9.54.
The Seattle-based giant has surged amid the pandemic as more consumers turn to online shopping and companies rely on its cloud arm, Amazon Web Services. Its advertising and grocery delivery businesses are also gaining momentum, and streaming hours on Prime Video are up 70% year-over-year.
Even as life returns to some level of normalcy in parts of the world, Amazon’s growth continues to accelerate, much like other tech powerhouses such as Microsoft, Facebook and Apple, which all reported giant revenue gains this week.
In a report this week, Wedbush Securities analyst Michael Pachter said “we think that new habits learned during the pandemic may be difficult to break for many Prime customers.”
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