Amazon (AMZN) Delivered Another Blockbuster Quarter

Amazon.com Inc. (NASDAQ:AMZN), founded in 1994, initially started operating as an online book-selling company. Over the years, it expanded and added almost every product one can think of to its online marketplace. Today, it is among the top tech giants of the world, holding a major share in the global e-commerce market.

The Washington-based company has been capitalizing on the strong demand for its products and services after Covid-19 outbreak last year. It has been reporting record quarterly results since then. Amazon once again delivered strong earnings and revenue for the first quarter. The company earned $8.1 billion, or $15.79 per share for the three months ended March 31, significantly higher than $5.01 per share in the comparable period of 2020. Analysts on average were looking for earnings of $9.54 per share.

Revenue for the quarter skyrocketed 44 percent on a year-over-year basis to $108.5 billion, beating the consensus forecast of $104.51 billion. Strong online shopping trend continued this year, helping Amazon achieve record growth. Moreover, the company announced that its Prime members have crossed the 200 million mark in the quarter.

The company also issued its revenue outlook for the second quarter. Amazon is anticipating revenue in the range of $110 billion to $116 billion, translating to a growth of 24-30 percent from the comparable period of 2020. The guidance is above analysts’ average estimate of $108.49 billion.

Amazon stock grew at an exceptional rate last year, rising by more than 70 percent in 2020. However, its growth momentum has decelerated this year. AMZN stock has increased just over 6 percent so far in 2021.