In 2020, Amazon first quarter results were far beyond the estimates. Amazon had a remarkable success in the first quarter.
Amazon first quarter results beyond expectations
Due to the coronavirus epidemic, people stay at home and try to meet their compulsory needs over the internet. Thus, the demand for online shopping is increasing day by day.
Amazon, the giant name of the e-commerce industry, was one of the companies that managed to grow in this period. According to the first quarter results of Amazon, a growth of 26 percent has been achieved compared to the previous year. Thus, the net sales of Amazon rose to $ 75.5 billion.
However, he was negatively affected by some issues on Amazon due to the epidemic. There was a decrease in the net profit of Amazon especially due to the increasing costs.
The company’s main source of revenue was Amazon’s cloud service (AWS). AWS made up 77 percent of Amazon’s total profit share. A total of $ 3 billion in profits was made from AWS. Amazon CEO Jeff Bezos said the coronavirus outbreak caused too much ambiguity. For this reason, he stated that they are planning for the second quarter expenditures.