Last updated on October 30, 2020
Amazon’s profit has roughly tripled. The company announced on October 29, 2020 after close of trading on the stock exchange in New York known . Revenue rose 37 percent in the third quarter to $ 96.1 billion, from $ 70 billion in the third quarter of 2019.
Net income reached $ 6.3 billion ($ 12.37 per share), down from $ 2.1 billion ($ 4.23 per share) in the same period last year as high investments in same-day Delivery weighed on the quarterly results. Wall Street analysts had forecast sales of $ 92.8 billion for the quarter and net income of $ 3.8 billion.
“We are seeing more customers than ever shopping for their Christmas gifts early. This is just one of the signs that this will be an unprecedented Christmas season,” said company founder Jeff Bezos. Amazon hired more than 400,000 additional workers and posted the highest sales in its 26-year history in the past third quarter.
Amazon Web Services, the company’s cloud computing division, had revenue of $ 11.6 billion for the quarter ended September 30, an increase of 29 percent year over year.
After the results were presented, the share rose 1.21 percent after close of trading. That year, the price grew more than 70 percent, giving the company a market value of around $ 1.6 trillion.
Amazon was forecasting operating profit of between $ 1.0 billion and $ 4.5 billion for the current fourth quarter, which was below analysts’ calculations of $ 5.8 billion.