Amazon’s profits soared 220 percent to start the year.
With the pandemic shifting sales online and consumers flush with stimulus checks, Amazon on Thursday reported $108.5 billion in sales in the first three months of the year, up 44 percent from a year earlier. It also posted $8.1 billion in profit, an increase of 220 percent from the same period last year.
The first-quarter results surpassed Wall Street’s expectations.
The most profitable parts of Amazon’s retail business boomed. Revenue from merchants listing items on its website and using its warehouses was up 64 percent, to $23.7 billion. Its “other” business segment, which is largely its lucrative advertising business, increased 77 percent, to almost $7 billion.
Amazon previously disclosed that 200 million people pay for Prime…