Amazon Quarterly Profit Triples to $6.3 Billion on Retail, Cloud

30 Octobre, 2020, 10:12 | Auteur: Auguste Feret
  • While we were staying home, Amazon amassed $96.1 billion in sales

Inc. projected a steep jump in sales in the current quarter, topping analysts' estimates, indicating the retailer expects the surge in online shopping during the pandemic to extend through the holiday season. Analysts expected revenue of $92.7 billion, up from $69.98 billion in the same year-ago period.

Amazon forecast operating profit to be between US$1.0 billion and US$4.5 billion, short of US$5.8 billion analysts were looking for, according to research firm FactSet.

Amazon has thrived during the pandemic as people avoided stores and shopped online, stocking up on goods from electronics to groceries.

AWS generated $11.6 billion in sales in the third quarter, a 7.4% increase from the previous quarter and a 29% rise from the same period past year.

Meanwhile, more than 19,000 of Amazon's US employees contracted COVID-19, and some staff protested for site closures.

"We're not seeing growth rates in e-commerce coming down", Lipsman added.

Amazon now handles more deliveries in house, and this year it moved its marketing event Prime Day - usually in July - to October, letting customers place holiday orders early.

Investors traditionally focus on Amazon's costs, fearing that the company's spending will cut into its profit.

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While there is precious little in the press release that isn't about Amazon patting itself on its collective back, the retailing giant says that it expects to deliver between $112.0 billion and $121.0 billion in revenues in the current holiday quarter, with YOY growth as high as 38 percent.

But revenue and earnings beats weren't enough to lift Amazon stock, which slightly fell in after-hours trading from a Thursday market close of $3,211.01 to $3,144 at the time of this publication.

In addition, the $4 billion in COVID-19-related fourth-quarter costs was way above what investors had expected, Yarbrough said.

Since 2013, Amazon Inc. has committed to invest around $6.5 billion in its Indian operations, as its India unit raised a total of ₹1,825 crores across businesses-e-commerce, Amazon.in and Amazon Pay-right before the festive season sales. It is testing employees for the virus and getting protective gear for new hires.

It has kept the world's largest online retailer at the center of workplace and political tumult.

The question for some analysts has been whether Amazon's consumer division can keep up with still-growing purchases during the pandemic. "It does behoove shoppers to shop early", he said.

Amazon has been furiously adding fulfillment and logistics center capacity before the peak, and hopes to have 50% more warehouse and transport capacity by the end of 2020 than in 2019. A traditional bright spot, cloud computing division Amazon Web Services (AWS) is dueling with smaller rival Microsoft Corp for business with a big potential during the pandemic, from remote work to cloud-based gaming.

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