Amazon and Twitter both beat expectations with Q1 numbers

Both online giants have flourished amid the pandemic

Amazon continued to benefit from the Covid-19 pandemic-driven online shopping boom. Photograph: AFP via Getty

Amazon continued to benefit from the Covid-19 pandemic-driven online shopping boom. Photograph: AFP via Getty

 

Amazon and Twitter both beat Wall Street expectations for first-quarter revenue in results issued after US markets closed on Thursday.

Amazon continued to benefit from the Covid-19 pandemic-driven online shopping boom, with net sales rising to $108.52 billion (€89.49 billion) in the three months ended March 31st from $75.45 billion. Shares in the ecommerce giant rose.

Amazon employs more than 2,000 people in the Republic and is on track to expand substantially with new office space in both Dublin and Cork. It is also developing a new €60 million “fulfilment centre” in Dublin that will allow it to process and deliver orders to customers based here with greater speed.

Twitter

Twitter meanwhile reported a surge in sales for the first quarter as ad product improvements pushed revenue past analysts’ targets. But the social media group said costs and expenses were rising and that stock based compensation for new hires would be more than expected this year.

It also said user growth could slow in the coming quarters as the Covid-19-related flow fizzles. Its shares fell.

Twitter has some 200 Irish-based employees at its EMEA headquatyers in Dublin. – Reuters