Amazon sees surge in Q3 earnings Inc. (NASDAQ: AMZN) late Thursday reported third-quarter revenues and profits that reflect an ongoing insatiable appetite among consumers for e-commerce services during the coronavirus pandemic.

Consumers, both in the U.S. and internationally, continue to view purchasing goods through e-commerce channels, like Seattle-based Amazon, as a means to prevent exposure to and spread of COVID-19.

Amazon reported net sales increased 37% to $96.1 billion in the third quarter, up from $70 billion during the same period last year.

Amazon’s operating income for Q3 reached $6.2 billion, compared to $3.2 billion in the same 2019 period.

In addition, the company’s net income increased to $6.3 billion in Q3, compared to $2.1 billion during the same quarter last year.

Meanwhile, Amazon has added 400,000 jobs this year alone and anticipates healthy online end-of-year holiday purchases. 

“We’re seeing more customers than ever shopping early for their holiday gifts, which is just one of the signs that this is going to be an unprecedented holiday season,” Amazon CEO Jeff Bezos said in a statement.

The e-commerce retail and logistics company projected fourth-quarter net sales between $112 billion and $121 billion, or growth of 28% to 38% compared to the same period in 2019.

An analysts call will be held by Amazon officials at 5:30 p.m. EDT to discuss the Q3 results in more detail.

Click for more FreightWaves/American Shipper articles by Chris Gillis.

Related News

Amazon taps airline executive to oversee sort centers

Plus taps AWS as cloud provider as Amazon tightens grip on autonomous vehicles

Amazon `creating the 75-day peak season,’ analyst says

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *