Hot topics | Coronavirus pandemic

Amazon Corporation Recorded Revenue Of $88.9 Billion In Q2 2020

Amazon Corporation Recorded Revenue Of $88.9 Billion In Q2 2020

For the three months ended June 30, this indicator increased by 40% compared to the results of the second quarter of 2019. At the time, it was valued at $63.4 billion. Analysts polled by FactSet employees believed that this time revenue would be $81.4 billion. Demand for Amazon services has grown significantly in the light of the new coronavirus pandemic.

The company's profit reached $5.2 billion, or $10.30 per share. In the second quarter of last year, Amazon's profit was $2.6 billion, or $5.22 per share.

The company presented forecasts that its revenue will reach between $ 87 billion and $93 billion in the third quarter. Profits, according to Amazon, will be from $2-5 billion.

American entrepreneur Jeff Bezos, who is the head of Amazon, noted that the quarter was very successful. He said that the company has already spent about $4 billion on various measures to protect personnel from the coronavirus, as well as to ensure uninterrupted operation during the pandemic.

“This was another highly unusual quarter, and I couldn’t be more proud of and grateful to our employees around the globe,” said Jeff Bezos, Amazon founder and CEO. “As expected, we spent over $4 billion on incremental COVID-19-related costs in the quarter to help keep employees safe and deliver products to customers in this time of high demand—purchasing personal protective equipment, increasing cleaning of our facilities, following new safety process paths, adding new backup family care benefits, and paying a special thank you bonus of over $500 million to front-line employees and delivery partners.

We’ve created over 175,000 new jobs since March and are in the process of bringing 125,000 of these employees into regular, fulltime positions. And third-party sales again grew faster this quarter than Amazon’s first-party sales. Lastly, even in this unpredictable time, we injected significant money into the economy this quarter, investing over $9 billion in capital projects, including fulfillment, transportation, and AWS.”

You may also like: