Amazon delivers a big earnings beat heading into Jeff Bezos' final quarter as CEO

Amazon delivers a big earnings beat heading into Bezos' final quarter as CEO

4/29/2021 11:07:00 PM

Amazon delivers a big earnings beat heading into Bezos' final quarter as CEO

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Here are the key numbers the company reported, compared with analysts' expectations averaged by Bloomberg:Revenue:$108.52 billion vs. $104.57 billion expectedEPS (GAAP):AWS Revenue: $13.5 billion vs. $13.09 billion expectedTotal revenue increased 44% year-over-year from $75.5 billion, while AWS sales grew by 32% from $10.22 billion in that period. Profits increased to $8.1 billion, more than tripling the $2.5 billion posted in the first quarter of last year.

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"In just 15 years, AWS has become a $54 billion annual sales run rate business competing against the world's largest technology companies, and its growth is accelerating," Amazon CEO Jeff Bezos said in a statement.The company said its annual Prime Day mega deals event will be returning a summertime slot in June, after being pushed back to October last year due to disruption from the pandemic. The return should give a boost to second-quarter sales, which the company projects to land between $110.0 billion and $116.0 billion.

Amazon topped 200 million Prime subscribers earlier this month, up from 150 million at the start of 2020."175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year," Bezos said.

Bezos is expected to discuss the results with analysts in an earnings call that kicks off at 5:30pm ET. It will be his last earnings call as CEO, as he plans to step down on July 1 with former AWS CEO Andy Jassy taking over.This is a developing story…

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