What you need to know
- Amazon posted its Q1 2022 financial earnings.
- The company managed to beat analyst expectations overall, despite the pandemic and ongoing Ukraine War.
- Prime Day is set to return this July, although a solid date was not immediately available.
Prime Day, one of the biggest shopping events of the year, is set to return this July, Amazon announced in its Q1 2022 financial earnings report. The company also managed to beat analyst expectations with a solid quarter despite headwinds from the Ukraine War and a nearly $4 billion loss.
Amazon posted revenue of $116.4 billion, a 7% increase from the same period last year. However, this also represented much slower growth than previous years, which CEO Andy Jassy attributed to the ongoing Russia-Ukraine conflict.
"The pandemic and subsequent war in Ukraine have brought unusual growth and challenges," said Jassy in a statement on Thursday. He stated that despite the economic struggles brought on by the war, Amazon Web Services (AWS) remained a bright spot with 27% growth. He notes that the consumer business also produces favorable results thanks to adequate staffing and a focus on productivity.
"Our Consumer business has grown 23% annually over the past two years, with extraordinary growth in 2020 of 39% year-over-year that necessitated doubling the size of our fulfillment network that we’d built over Amazon’s first 25 years—and doing so in just 24 months."
Unfortunately, things may not look too good in Q2, with the company projecting well below analyst expectations. However, Amazon has a chance to bounce back in Q3 with Prime Day, which will likely see tons of sales on popular products, including the best Alexa speakers and more.
Last year's Prime Day took place in June so that Amazon could get head of summer spending as the pandemic appeared to ease up. While we don't have a specific date just yet, Amazon is likely to announce it as we get closer to the summer.
Amazon raised the price of its Prime membership earlier this year for the first time in four years.
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Derrek is a long-time Nokia and LG fanboy who loves astronomy, videography, and sci-fi movies. When he's not working, he's most likely working out or smoldering at the camera.