Amazon Quarterly Profit Triples As Online Sales Boom
San Francisco, (UrduPoint / Pakistan Point News - 30th Apr, 2021 ) :Tech and e-commerce colossus Amazon on Thursday reported that its profit in the recently ended quarter tripled as online sales boomed.
The results marked the latest blowout results from Big Tech firms this week including microsoft, Apple, Facebook and Google parent Alphabet, which have been delivering critical goods and services during the pandemic.
Analyst Nicole Perrin at eMarketer said Amazon has been growing its digital ad revenues in addition to its online sales and cloud business.
"The amount of retail being transacted through digital channels continues to grow and will support all the more ad spending in future," Perrin said.
Seattle-based Amazon boasted that its studios making original shows for Prime had their most successful awards season to date this year.
Attention-getting original titles included One Night in Mia, Borat: Subsequent Moviefilm. and Sound of Metal.
"As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70 percent year over year." Amazon founder and chief Jeff Bezos said in the earnings release.
"Amazon Studios received a record 12 academy Award nominations and two wins."The results come with Big Tech firms facing growing scrutiny over their dominance of key economic sectors, which has been rising during the pandemic.