Q2 2020: In COVID time, Amazon sees record profit of $5.2 billion

The e-commerce giant also witnessed record sales of $89 billion

e4m by exchange4media Staff
Updated: Aug 3, 2020 3:28 PM

Amazon registered nearly $89 billion in sales, compared to $63.4 billion in second quarter 2019, as Covid-19 pandemic lockdown forced people to buy online. The e-commerce major posted a profit of $5.2 billion in the second quarter, compared with net income of $2.6 billion in second quarter 2019.
The Operating income increased to $5.8 billion in the second quarter, compared with operating income of $3.1 billion in second quarter 2019.
Commenting on the results, Jeff Bezos, Amazon founder and CEO, said, “This was another highly unusual quarter, and I couldn’t be more proud of and grateful to our employees around the globe. "
. “As expected, we spent over $4 billion on incremental COVID-19-related costs in the quarter to help keep employees safe and deliver products to customers in this time of high demand—purchasing personal protective equipment, increasing cleaning of our facilities, following new safety process paths, adding new backup family care benefits, and paying a special thank you bonus of over $500 million to front-line employees and delivery partners. We’ve created over 175,000 new jobs since March and are in the process of bringing 125,000 of these employees into regular, full-time positions. And third-party sales again grew faster this quarter than Amazon’s first-party sales. Lastly, even in this unpredictable time, we injected significant money into the economy this quarter, investing over $9 billion in capital projects, including fulfillment, transportation, and AWS,” he added.

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