Surprising no one, Amazon had a fantastic Q1 in 2021 with $108.5 billion USD ($133 billion CAD) in revenue.
The company’s sales have ballooned up 44 percent compared to Q1 2020, when the pandemic started last year. According to CNBC, the company expects this rising momentum to continue into the next quarter.
One big piece of news that the company did let slip is that Prime Day is being moved to a new spot in June. The company usually holds Prime Day in July. That said, last year due to the pandemic, it had to push back the sales event until mid-October.
The company is hoping to test out this new June sales event to see how well it works this year. If I had to guess, based on previous rumours, it would make sense for Amazon to move Prime day forward so that it can hold another sales day in the fall to compete with retail stores that bank on Black Friday.
Outside of its retail business, Amazon’s cloud and advertising sectors are also up. Amazon Web Services had net sales of $13.5 billion, up 32 percent compared to last year’s Q1 results.
One of the more interesting factors to come out of the earnings was how well Prime Video is doing. Bezos told investors that over 175 million Prime subscribers streamed shows and movies on the service in the last year. This is up 70 percent compared to Q1 2020. This is a huge chunk of the 200 million Prime subscribers around the world.
Source: CNBC
MobileSyrup may earn a commission from purchases made via our links, which helps fund the journalism we provide free on our website. These links do not influence our editorial content. Support us here.
