Amazon posts biggest profit ever at height of pandemic in U.S.
Amazon.com Inc <AMZN.O> 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 $88.9 billion.
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.
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.
How to become more productive? Online Tools to be a Pro
As long as people have been on this earth, they have tried to find solutions to problems that save time and are less complicated. ‘Productivity’ is a term that goes hand in hand with work. It is about completing the most amount of work possible within your contracted hours. This has led to many different techniques and schemes designed to maximise a worker’s output.
The U.S. Justice Department is seeking the final documents to complete an antitrust investigation of Alphabet Inc's Google <GOOGL.O>, said three sources familiar with the probe, which is expected to end with a lawsuit this summer.