Amazon pulls in a record $3.6 billion profit, even as sales growth slows
Amazon.com more than doubled its profit from a year ago and kept up its streak of record-breaking earnings. By Abha Bhattarai Abha Bhattarai Reporter covering the retail industry Email Bio Follow April 25 at 9:45 PM Amazon brought in a record $3.6 billion in profit during the first quarter of 2019, more than doubling its profit from a year ago and continuing its streak of record-breaking earnings.
“We expect to make steady progress quickly and through the year,” Brian Olsavsky, Amazon’s chief financial officer, said in a Thursday earnings call with analysts. “We feel like we’re doing something very important for the customer and we’re trying to take advantage of the fulfillment capacity and the transportation capacity we have.”
He added that increased competition from retailers like Walmart and Target, which have been rapidly investing in their websites and delivery services, is also eating into Amazon’s customer base. Amazon’s digital advertising business, meanwhile, grew about 34 percent to roughly $2.7 billion, compared to 95 percent growth in the first quarter of last year. Even so, analysts said they were hopeful that the advertising business — the third-largest in the country, behind Google and Facebook — would continue to benefit Amazon.
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