The Amazon economy is booming again after a slump
A year after Amazon.com Inc. began to slow its sales and cut jobs, the company is adding 1.5 million new employees in the past year and is expanding in a new way that has kept its sales growth at an average of 6 percent a year, according to data compiled by Bloomberg.
The company added more than 2 million retail jobs last year, while the overall U.S. economy grew just 0.2 percent.
The gains came as the world’s second-largest e-commerce company was hit by the fallout of the data breach.
Amazon grew 7.7 percent in the first quarter of 2019, compared with a 7.4 percent increase in the same period a year earlier, according for the data compiled for Bloomberg.
Amazon’s total sales grew 8.7 per cent in the quarter.
Analysts polled by Bloomberg had expected a 7 percent gain.
A total of 2.5 billion pounds ($3.4 billion) of Amazon orders were made last year at a profit, a figure that would be down from 3.5 percent in 2019, according data compiled last week by Bloomberg from sources including data compiled from the online retailer.
Amazon, the worlds largest online retailer, reported that it would be closing stores and laying off employees, reducing its workforce by more than a third in the year.
In the first three months of the year, the online retailing giant said it lost 5,500 jobs and had cut more than 30,000.
That’s down from the 25,000 that Amazon said it was cutting in the last quarter.
Amazon had its biggest quarterly loss in its history in September, when the online delivery giant said that it lost $2.3 billion, or 18 percent, of its business.
Amazon has struggled with a weak consumer-goods sales boom, as shoppers flock to online shopping, and the company’s profit margins have fallen.
Its chief financial officer, Peter Ostrom, last month said Amazon is focused on growing its online business.
As of Oct. 1, Amazon had more than $3.7 trillion in cash and cash equivalents, and had $6.6 trillion in assets, according the company.
The company had $7.9 trillion in sales, up 7 percent from the year-earlier period.