As we enter the second quarter of2022, the major tech companies are releasing their financial reports for the first quarter. Recently, we have seen Apple and Samsung report on their huge revenue earned during the period. Now, based on Amazon’s financial report, it appears that the company made more in 2022 than in the previous three years combined.
The Seattle-based e-commerce giant recently shared its earnings report via an official blog post. And according to the report, Amazon made 26.9 billion profit from April 2020 to the end of March2022. This is about $ 2 billion more than the cumulative profit of $ 24.7 billion that the company made between 2017 and 2019.
According to the report, the company’s net sales increased to a whopping $ 108.5 billion in the first quarter of2022. That’s a 44% increase compared to net sales of $ 75.5 billion in the first quarter of 2020. So the company had a nice good year fiscally speaking, and it also posted the highest growth rate since 2011.
Now, one of the main reasons for Amazon’s highly profitable year was the pandemic and the work-from-home culture, which forced people to adopt. This led consumers to rely more on e-commerce platforms for their daily needs and Amazon was at the forefront of it all.
Therefore, much of its revenue was driven by its e-commerce services and its premium all-in-one customer service plan, Amazon Prime. The company reports that it has earned more than 200 million paid members for Amazon Prime, which includes various benefits for customers, including its digital streaming services like Prime Video and Prime Music.
Apart from this, the trend of working from home in most countries drove the use of its cloud platform AWS (Amazon Web Services). As a result, said division generated $ 13.5 billion in revenue, which is equivalent to 12% of the total revenue earned by the entire company.
Meanwhile, Amazon also surprisingly announced that Jeff Bezos will be stepping down from his current CEO role to take an executive role on the company’s board in the third quarter of2022. Before assuming the CEO at the end of the year, however, I am Sure. that Bezos will be busy collecting and managing 2020 earnings.
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