Amazon crushes earnings as Jeff Bezos gears up for exit

Amazon squeezes profits as Jeff Bezos prepares to exit

Amazon stocks rose after the e-commerce market posted quarterly sales as pandemic-driven demand for online shopping added to its first quarter earnings, helped by the development of its cloud computing company.

The company had gross sales of $ 108.5 billion, up 44 percent from 12 months earlier, and a staggering $ 8.1 billion in sales. Everyone has far exceeded expectations of Wall Avenue. Amazon’s shares were up more than 2 percent in the pre-market.

The blowout quarter begins as CEO, Chairman, and Founder Jeff Bezos prepares to leave the company sometime in the second half of the year. Andy Jassy, ​​head of Amazon’s cloud computing division, will take over running the company once Bezos leaves. In a conversation with investors on Thursday evening, CFO Brian Olsavsky declined to comment on the company’s transition plans.

In the second quarter, large e-commerce also saw controls that exceeded expectations. The company expects e-book revenues between 110 and 116 billion US dollars. Wall Avenue reckoned with $ 108.6 billion.

Amazon reported gross sales of $ 108.5 billion, up 44 percent over the past 12 months.
In addition, Amazon announced in its control that the 12-month Prime Day, its annual two-day low-cost frenzy, will take place in June. The company postponed Prime Day to October for the past 12 months, citing the uncertainty surrounding pandemics.

Bezos and his deputies touted robust development in segments outside of the company’s e-commerce business. Amazon Net Companies posted gross revenue of 32 percent year over year for the quarter and reserved $ 13.5 billion. Bezos also noted the growth of Prime Video, the company’s streaming service that comes with its Prime subscription for $ 119 a year.

“By the time Prime Video turns 10, over 175 million Prime members streamed shows and movies last year, and streaming hours were up more than 70% year over year,” Bezos said in a statement.

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