Amazon’s profit more than triples as pandemic boom continues
NEW YORK — Amazon’s pandemic boom isn’t showing signs of slowing down. The Seattle-based company said its first-quarter profit more than tripled from a year ago, fueled by the growth of online shopping. It also posted revenue of more than $100 billion, the second quarter in row that the company has passed that milestone. Amazon is one of the few retailers that has benefited during the pandemic as people turned to the online retailer to buy groceries, cleaning supplies and more. In the first three months of this year, the company reported profit of $8.1 billion, compared to $2.5 billion the year before. Earnings per share came to $15.79, about $6 more per share than what Wall Street analysts expected. Revenue jumped 44% to $108.5 billion.
Companies sound alarm over commodity hikes
NEW YORK — Toilet paper, baby care products, soft drinks and many other everyday products are about to get more expensive. Procter & Gamble, Kimberly-Clark and Coca-Cola are warning that they’ll raise prices on many of their products as raw material costs rise. Commodities like plastic, paper, sugar and grains are all getting more expensive as demand outpaces supply. Companies are also paying more for shipping as fuel costs rise and ports experience longer delays because of congestion. The potential hit to consumers’ wallets comes as the economy gets closer to some semblance of normalcy.
McDonald’s comes roaring back as restrictions ease
CHICAGO — The bounce back for McDonald’s as restrictions were lifted across the US was so strong in the first quarter that the company surpassed sales during the same period even in 2019, long before the pandemic broadsided the country. McDonald’s revenue jumped 9% to $5.1 billion for the January-March period, better than most had expected. Last year at this time stores were closing globally and the world sheltered from spiking COVID-19 infections.