Amazon doubles quarterly profit despite Covid-19 costs

Lockdown shopping helped boost revenues by 40% at ecommerce leader

Amazon’s profile soared in its second quarter, despite heavy costs relate to the coronavirus pandemic. 
Locked -down shoppers drove sales 40 percent higher- year on-year, to $88.9bn, helping the company record $5.2bn, in net income for the three months to the end of June. 
That was double what it earned in the same period last year , far higher that analysts expectations and all time quarterly record for the ecommerce group. 
Amazon shares were up more than 5 percent in after hours trading, with the company valued at $1.5tn based on its closing price.
The surge in profits came despite Covid-19 costs reaching $4bn for the period, in what Chief Exec Jeff Bezos described as a “highly unusual” quarter involving spending on protective equipment and bonuses for staff.

Read the full article here

Close Menu