REUTERS: Amazon.com Inc on Thursday posted the biggest profit in its 26-year history as online sales and its lucrative business supporting third-party merchants surged during the coronavirus pandemic.AdvertisementWhile rival brick-and-mortar retailers have had to shut stores during government-imposed lockdowns, Amazon hired 175,000 people in recent months and saw demand for its services soar. The company said revenue jumped 40per cent from a year earlier to US$88.9 billion.
Amazon's shares have risen by more than 60per cent this year, adding to the wealth of Bezos, its biggest stockholder. The S&P 500 is virtually flat.Jesse Cohen, senior analyst at Investing.com, said Amazon's business model sets it up"to expand its e-commerce dominance even more broadly as the global COVID-19 pandemic continues to flare."
Still, that fell just short of analysts' estimates of US$10.95 billion, according to IBES data from Refinitiv. The cloud business of rival Alphabet Inc's Google meanwhile was up over 43per cent year over year. Online grocery sales tripled year over year, and worldwide streaming video hours doubled, Olsavsky said on a call with analysts. Delivery and video services bundled with the company's loyalty club Prime are a key reason why customers subscribe to that program and do more of their shopping on Amazon.
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