December 4, 2020

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Amazon has seen solid increases in sales and profits

Amazon has seen solid increases in sales and profits

The current trend among consumers to shop more online didn’t hurt Amazon in the third quarter. Sales rose 37 percent to 96.1 billion US dollars, converted to around 82.3 billion euros, the company announced on Thursday after the market closed. Net income tripled to $ 6.3 billion.

Amazon’s rapid sales growth is mainly due to the corona pandemic, as many brick and mortar stores had to close and customers therefore looked for online alternatives. Fear of contracting the virus also led many people to shop behind their computers.

Jeff Bezos, CEO of Amazon, believes records will be broken in the final months of the year leading up to the holiday season. For the fourth quarter, the company expects sales between 112 and 121 billion US dollars. “We are seeing customers shopping for the parties earlier and earlier, just an indication that an extraordinary festive time is coming,” said Bezos.