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Amazon achieved record revenue and profits

Amazon, the world’s largest online retailer, achieved record revenue and profits in the fourth quarter of last year, as sales increased significantly due to the coronavirus epidemic in addition to year-end holiday shopping.

Seattle-based Amazon said in a quick report released after Tuesday’s closing that net sales rose 43.6 percent year-over-year to $ 125.55 billion in October-December, while operating expenses rose 42 percent 118, They jumped to $ 68 billion. Earnings rose 121 percent to $ 7 billion 222 million, with diluted earnings per share rising from $ 6.47 to $ 14.09. Analysts expected earnings of $ 7.20 per share with revenue of $ 119.8 billion.

In October-December last year, Amazon made record earnings for the third consecutive quarter, with revenues exceeding $ 100 billion for the first time. Amazon’s net sales for the full year last year increased 37.62 percent from 2019 to $ 386 billion 64 million. Net income was $ 21 billion 331 million, up 84 percent from $ 11.58 billion a year earlier. Diluted earnings per share were $ 41.83, up from $ 23.01 a year earlier.

Since the outbreak of the coronavirus epidemic, ten months ago, consumers have been increasingly ordering from home in Amazon. basic products and sanitary wares for transport. While most physical stores have been closed for many months, Amazon has hired more than 400,000 new employees to meet orders.

Amazon Web Services (AWS), a service offered by Amazon secure cloud service platform, performed slightly lower than analysts expected in October-December. Although a number of important co-operation agreements were announced in the fourth quarter of last year, including with German carmaker BMW, ViacomCBS, one of the world’s leading entertainment and media companies and other companies, revenues kicked in at $ 12.7 billion, while analysts 11 .8 billion.

Amazon shares closed at $ 3,380, or 1.11 percent, on the Nasdaq New York Stock Exchange, up 66 percent from a year earlier. . The company has a market capitalization of $ 1,700 billion. Over the past 52 weeks, the price has fluctuated between $ 1,626.03 and $ 3,552.25.

According to MTI, equities traded 0.7-0.8 percent more than expected in post-trade electronic trading.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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