When the COVID-19 pandemic hit the world, the business which thrived the most riding on the wave of the pandemic was e-commerce. Despite being obstructed by the pandemic, Amazon the global leader in e-commerce has a very successful year in the form of 2020. According to the final results of Q1 2021, the company racked a total of $108.5 billion in net sales. That’s a 44 percent increase from the $75.5 billion reported in the first quarter of last year.
This year the company’s year-over-year profit increased to $8.1 billion in the first quarter of this year. At this time in 2020, the figure reported was a meagre $2.5 billion. The e-commerce giant stated that it expects to cross the $100 billion net sales mark next quarter with the figure ultimately landing somewhere between $110.0 billion and $116.0 billion.
Recently the CEO of the company Jeff Bezos shared his final annual letter to its investors. The letter stated that Amazon Prime subscribers had grown to 200 million people, up approximately 33 percent from its previous milestone of 150 million subscribers in Q4 2019.
The world’s richest man will hand over his CEO position to Andy Jassy in the Q3 of 2021. The new CEO will reportedly be taking on a swath of big issues that the company currently faces, notably unionization. Following a failed union vote in Bessemer, Alabama, a fired worker is attempting to unionize other Amazon warehouse facilities.
Amazon is a huge company that can turn huge sales and profit during tough times. And as the company is growing it seems that its Twitter handle is out there creating all sorts of problems for the organization with the US congress members. There was even an online dispute recently about the fact that Amazon’s workers pee in bottles to meet the company goals.