Amazon set to become first company to top £100bn revenue in a quarter

Amazon could become the first company to top £100billion of revenue in a single quarter when it posts results tonight.

Analysts expect the US tech giant to report sales of £103billion for the final months of 2021 – up from £93billion in the same period a year earlier.

There is no guarantee Amazon will hit these lofty heights. But rival tech firms Apple and Google owner Alphabet have beaten Wall Street expectations in recent days.

Apple last week reported the biggest quarterly profit in corporate history – of £26billion. Although Amazon’s revenues outstrip those of Apple, it is far less profitable.

Amazon shares have fallen 12 per cent so far this year amid concerns about the outlook for tech stocks following a meteoric rise during the Covid crisis.

Investors will be looking for guidance on potential future earnings as life returns to normal following the pandemic and customers are no longer reliant on online shopping for all their needs.

The update is seen as a big test for Andy Jassy, who succeeded Amazon founder Jeff Bezos as chief executive last year.

The results come as Amazon launches another hiring spree, saying it will create 1,500 apprenticeships in the UK this year.

It took on 25,000 staff last year in Britain, and now has more than 70,000 here.

That continued the Seattle firm’s expansion in the UK – it also opened 17 shops here last year, including its Amazon Fresh food stores and 4-Star retail shops.

And it has begun recruiting for the apprenticeships, which will span its engineering, health, safety and environmental departments. The programme will also include more than 200 degree-level courses.

Amazon pays at least £10 an hour, raising fears that its jobs drive will leave rivals struggling to recruit.

Tesco, which pays staff a minimum of £9.55 an hour, has more than 3,000 roles to fill.

Business Secretary Kwasi Kwarteng welcomed the job boost, saying it showed the economy was booming. 

He said: ‘Amazon’s announcement is testament to the strength of the British economy, with GDP back at pre-pandemic levels, employee numbers at record highs and unemployment falling.’