Why investors are loving Amazon right now

There’s no question that our love for spending some cash online increased during COVID lockdowns.

As we worked from home, studied from home, and did almost everything at home, we seemed to be obsessed with shopping for our favourite trends and waiting for our order to arrive the next day in the mail.

Now, our online shopping obsession has meant some big news for Amazon. The company’s quarterly profit more than tripled to a record of $8.1 billion.

The online retailer has reported its biggest profit ever as consumers turned to the online retailer for their shopping needs and businesses paid Amazon more to warehouse and advertise their products.

If you own stocks in the company – you’d be pleased to know shares also have risen by 4 percent in after-hours trade. – Investors no doubt pleased with the companies financial results.

Amazon has now posted four consecutive record quarterly profits.

The retailer also attracting more than 200 million Prime loyalty subscribers and recruited over 500,000 workers to keep up with surging consumer demand.

Speaking of Amazon workers – half a million of them are set to get a pay rise.

America’s biggest employer announcing staff will see between a 50 cent to 3 dollars per hour raise by June.