Amazon posts biggest profit despite raging COVID-19 pandemic

0
95

Amazon.com on Thursday posted the biggest profit in its 26-year history as online sales and its lucrative business supporting third-party merchants surged during the coronavirus pandemic.

 

Shares of Amazon, the world’s largest online retailer, rose 5% in after-hours trade.

While rival brick-and-mortar retailers have had to shut stores during government-imposed lockdowns, Amazon hired 175 000 people in recent months and saw demand for its services soar. The company said revenue jumped 40% from a year earlier to US$88.9-billion.

RELATED NEWS:Congress is about to grill the CEOs of Amazon, Apple, Facebook and Google

Amazon had forecast it might lose money in the just-ended second quarter because it expected to spend some $4-billion on protective equipment for staff and other expenses related to COVID-19. It did just that and still earned $5.2-billion double its net income from a year prior.

Watch Leakblast TV channel from around the world

Jeff Bezos, who founded the company in July 1994 and is the world’s richest person, said in a statement: “This was another highly unusual quarter.”

Amazon’s shares have risen by more than 60% this year, adding to the wealth of Bezos, its biggest stockholder. The S&P 500 is virtually flat.

Thanks for Reading via the most updated news portal

About Leakblast.com

Share your story with us

Advertise With us

Encourage & Support LeakBlast

Feel free to contact us

Call Us:+234(0)9073726403
Get us on Whatsapp: +234(0)8181166425      
Email Us: editors@leakblast.com

SUPPORT LEAKBLAST JOURNALISM OF INTEGRITY AND CREDIBILITY

Good  journalism costs a lot of money.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble Endeavor.

By contributing to LeakBlast, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Support LeakBlast

LEAVE A REPLY

Please enter your comment!
Please enter your name here