[Asia Economy Reporter Yujin Cho] Amazon, the world's largest e-commerce company, recorded a surprising performance by surpassing $100 billion in sales for two consecutive quarters.
On the 29th (local time), Amazon announced in its Q1 earnings report that its sales reached $108.52 billion (approximately 120.2944 trillion KRW), a 44% increase compared to the same period last year.
This figure exceeded the market forecast of $104.47 billion compiled by market research firm Refinitiv, making it the second-largest quarterly sales figure in history, following Q4 of last year (approximately $125.6 billion).
Earnings per share (EPS) also surpassed expectations, reaching $15.79 compared to the market forecast of $9.54.
After achieving over $100 billion in quarterly sales for the first time in Q4 last year with $125.56 billion, Amazon has continued its streak of surpassing $100 billion in sales for two consecutive quarters.
Amazon is expected to post sales between $110 billion and $116 billion in Q2 this year, exceeding the market forecast of $108.6 billion.
US economic media CNBC analyzed that the strong performance is due to the expansion of online shopping driven by the growth of the non-face-to-face market amid the COVID-19 pandemic.
In addition to its core retail business (e-commerce), cloud computing and advertising businesses are also thriving.
During the same period, Amazon Web Services recorded net sales of $13.5 billion, a 32% increase compared to the same period last year. Advertising revenue, categorized under other items, is estimated to have increased by 77% year-over-year to $6.9 billion.
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