Amazon sees pandemic boosting holiday sales and investment in delivery

on Thursday forecast a jump in holiday sales - and costs related to COVID-19 - as consumers continued to shop more online during the pandemic.

Since the start of the virus outbreak in the United States eight months ago, consumers have turned increasingly to Amazon for delivery of groceries, home goods and medical supplies. Brick-and-mortar shops closed their doors; Amazon by contrast moved to recruit over 400,000 workers and earned $6.3 billion in the just-ended quarter, its second consecutive record profit.

Amazon forecast operating profit to be between $1.0 billion and $4.5 billion, short of $5.8 billion analysts were looking for, according to research firm FactSet. The company reported that customers in its loyalty club Prime were shopping more often, renewing their membership at higher rates and, internationally, turning to Amazon much more for video entertainment. Merchants also expanded their budgets for advertising on Amazon in the third quarter versus a contraction during the pandemic’s spring peak.

CFO Olsavsky told reporters that the company is “not totally insulated” from challenges its delivery partners may be facing this quarter, though the online retailer feels ready for the holiday season.

Ireland’s buying Irish ☘️ this year to support our locals during the pandemic. Every country should consider this.

Amazon and NextEra keep winning

Course it will....this is a 'like duh!' news tho 😶

Aren't you owned by the Rothschild company

This is another stark warning of the long term damage of Lockdown and the restrictions on our civil liberties, freedoms and ultimately choices! We cannot continue to look and respond to Covid in a vacuum and it's time that we all 'wake up and smell the coffee'!!

BUY FROM ETSY AND SUPPORT SMALL BUSINESSES THIS HOLIDAY SEASON

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