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Amazon’s net income tripled last quarter, and it didn’t even have Prime Day to help

Amazon’s net income tripled last quarter, and it didn’t even have Prime Day to help
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Amazon’s net income tripled last quarter, and it didn’t even have Prime Day to help

Amazon’s web revenue tripled final quarter, and it didn’t even have Prime Day to assist

Even with out Prime Day, Amazon had a blockbuster quarter. Its web revenue practically tripled from this time final 12 months, as retail retailer closures and coronavirus restrictions inspired individuals to spend huge on-line. In its earnings report right this moment, Amazon stated it made $6.33 billion in web revenue, up from $2.13 billion throughout the identical quarter a 12 months earlier.

Amazon’s Prime Day — which has beforehand been held in July — was delayed till October, so it didn’t reinforce this quarter’s outcomes. The company vacation / gross sales occasion presents days of reductions, serving to to drive purchases throughout an in any other case slower season. Even with out it occurring this summer time, Amazon’s web gross sales reached $96.1 billion for its third quarter, up from $70.0 billion the identical quarter a 12 months earlier.

The pandemic appeared to offer Amazon a equally giant enhance final quarter. Between April and June, Amazon’s web revenue doubled 12 months over 12 months to $5.2 billion. That was regardless of Amazon spending greater than $4 billion on prices associated to coronavirus security in the course of the quarter.

Amazon expects to have an enormous vacation season, too. The corporate plans to rent 100,000 seasonal staff in preparation for a surge in orders. “We’re seeing extra clients than ever purchasing early for his or her vacation presents, which is simply one of many indicators that that is going to be an unprecedented vacation season,” Amazon CEO Jeff Bezos stated in a press launch.

The surge in gross sales will include some further prices, although. Amazon expects to spend one other $4 billion on prices associated to COVID-19 subsequent quarter.

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