Amazon said yesterday that its Q1 revenue was up 44 percent compared to the same period a year ago, to $108.5 billion. Net income for the period more than tripled to a record $8.1 billion.
Some of the media coverage:
• From the Seattle Times…
"The pandemic has brought record profits for Amazon, as homebound shoppers have turned to online retail amid a wave of physical store closures and lockdowns. The number of subscribers to Amazon’s Prime membership club rose by nearly 33% in the past year, from 150 million to more than 200 million.
"Amazon forecast continued growth, estimating revenue of between $110 billion and $116 billion in the quarter ending in June; that would represent growth of between 24% and 30% compared with the same period last year. Analysts, on average, had estimated second-quarter sales of $108.4 billion, according to data compiled by Bloomberg."
• From GeekWire:
"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 … Amazon’s cloud business was up 32% at $13.5 billion, with $4.1 billion in operating income, continuing to help drive Amazon’s profits. AWS is now a $54 billion annual sales run rate business. A new report from Canalys shows AWS with a 32% share of the cloud infrastructure services market, ahead of Microsoft (19%) and Google (7%). Cloud infrastructure spending spiked 35% to $41.8 billion in Q1, according to Canalys."
• From Variety:
"More than 175 million Prime members have streamed TV shows and movies in the past year.
"Founder Jeff Bezos revealed the new figure in announcing the Q1 results, adding that Prime Video streaming hours are up more than 70% year over year. He also noted that Amazon Studios received a record 12 Oscar nominations and two wins, and called out the performance of the company’s AWS cloud division, which now has a $54 billion annual sales run rate."
• From the Wall Street Journal:
"The company said Thursday that it expects its annual Prime Day shopping extravaganza to occur in June. The event, which is typically held in July, is a windfall for sales.
"Amazon Chief Financial Officer Brian Olsavsky said the company is focused on building out its one-day shopping service and continues to zero in on employee hiring and expanding warehouse capacity. 'The economy is starting to open up, and there is a lot of need for new employees for a lot of different industries,' he said."
- KC's View:
This seems like a good place to remember some of the core values at the heart of Amazon's approach … that it doesn't want to sell stuff, but rather wants to make it easier to buy stuff … that it wants to innovate with an "every day is Day One" culture … and that … and that it wants to continue adding value to its Amazon Prime offering to the point where it would be irresponsible not to be a member.
And then, there's the bottom line - that everything Amazon does is rooted in customer-centricity.
Look, there's no question that Amazon has issues. There are legitimate issues that can be discussed about its approach to distribution center labor. And, there will be constant regulatory issues being raised by both sides of the aisle.
But one strikes me as being evident - that Amazon will continue to move forward, with its foot down hard on the gas pedal. Its goal is for everyone else to have to play catch up.