AMAZON’S REVENUE EXCEEDS $100 BILLION FOR 3RD TIME IN A ROW

Sat 31 July 2021:

According to financial statistics released on Thursday, Amazon’s sales surpassed $100 billion in the second quarter of 2021, the third time in a row that the e-commerce giant has topped the staggering figure.

The American firm saw its revenue climb to $113.1 billion in the April-June quarter, up 27.2% from $88.9 billion in the corresponding period last year.

The percentage increase, however, was weaker than the 41% posted in the second quarter of 2020, when the coronavirus pandemic pushed customers towards e-commerce companies.

“Over the past 18 months, our consumer business has been called on to deliver an unprecedented number of items, including PPE [personal protective equipment], food, and other products that helped communities around the world cope with the difficult circumstances of the pandemic,” Amazon CEO Andy Jassy said in a statement.

Jassy took the top role after founder Jeff Bezos stepped down on July 5 – exactly 27 years after Amazon was incorporated in 1994 on the same day.

Amazon saw its net income rise 50% year-on-year, growing to $7.8 billion from $5.2 billion.

In the next quarter, the company expects net sales “to be between $106 billion and $112 billion, or to grow between 10% and 16% compared with third quarter 2020,” according to the statement.

After closing Thursday with a 0.84% loss, Amazon stock price was down 6.2% to $3,375 per share in after-hours on the Nasdaq.

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