Amazon.com Inc. Chief Executive Jeff Bezos promised to spend all the additional profits his company made from a huge boost in sales related to the COVID-19 pandemic, but sales grew so fast that he ended up with record earnings instead.
Three months ago, Bezos said that he expected to spend billions in fresh operating profit that is flooding in as Americans sheltered-in-place due to the coronavirus purchase more goods online and businesses spend more on cloud computing to support workers stuck at home. “If you’re a shareowner in Amazon, you may want to take a seat, because we’re not thinking small,” Bezos said in May.
“This was another highly unusual quarter, and I couldn’t be more proud of and grateful to our employees around the globe,” Bezos said in Thursday’s announcement.
Amazon Web Services, the company’s cloud-computing arm, saw revenue jump to $10.8 billion from $8.38 billion, while analysts on average were expecting $11 billion. As usual, AWS was the biggest profit driver for Amazon, delivering operating profit of $3.36 billion while Amazon reported overall operating income of $5.84 billion.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Facebook, Amazon CEOs to defend their companies before U.S. Congress by listing competitorsAmazon.com Inc Chief Executive Jeff Bezos and Facebook Inc's Mark Zuckerberg will defend their respective companies before a congressional hearing on Wednesday by saying they face intense competition from large rivals. Going to be one short list! 👀👆🏿 Competitors...HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
Source: Reuters - 🏆 2. / 97 Read more »
Amazon releases CEO Jeff Bezos' remarks ahead of antitrust hearing - Business InsiderJeff Bezos will tell Congress that Amazon's size is a good thing, and that it faces plenty of competition from rivals like Walmart: 'Just like the world needs small companies, it also needs large ones' Bezos is right, but the issue is how to protect/encourage and make competitive small businesses in order to compete with those two behemoths? he has too much power Break them up, next the banks 🏦
Source: BusinessInsider - 🏆 729. / 51 Read more »
Amazon q2 earnings preview - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Bezos grew a conscience, or just needs to offset some profits for tax purposes... he's still make $13B a day, so who cares 80,500,000,000,000,00$ on debt.. paid or government will take part of your business... Greeeeeeed and then suddenly do something good , in order not to look greedy🤣
Source: BusinessInsider - 🏆 729. / 51 Read more »
Jeff Bezos will testify about how Amazon is the quintessential American companyThe Amazon CEO will tell lawmakers Amazon is great for small businesses, customers and its investors. How makes all the money and doesn’t give a shit about his workers? No, It's a monopoly and needs to be broken up. Oh really, made in China Besos...
Source: CNBC - 🏆 12. / 72 Read more »