29.1 C
Delhi

Amazon makes a record amount of profit in its lifetime

The global pandemic leaves a bold impact on every sector. Most of the companies faced losses or lesser profits. Surprisingly, an exception exists and that’s Amazon. This e-commerce giant faces a record amount of profit in its lifetime. After publishing this news, the company’s shares also hiked by 5%.

Due to lockdowns, people switched from offline to online in the case of marketing. In the second quarter demands become so high that Amazon had to hire around 175,000 employees to provide smooth service. The company also said its YOY revenue increased by 40%, to $88.9 billion.

Indian Salers on Amazon exported more than  billion worth of goods_TechnoSports.co.in

Earlier, the company itself declared that it might lose money in the Q2 as it needs to spend in sections like sanitization and has to purchase protective equipment for staff, the amount was nearly $4 billion. Fortunately, it successfully recovers more amount than that.

The profit growth is the summation of the gains in every section. In Q2, Amazon’s online store sales hiked by 48% to $45.9 billion, the seller service revenue faced 52% of increment, and the ad revenue increased by 41%. The Amazon Web Service also faced the same positive growth, a hike by 29% to $10.81 billion.

- Advertisement -TechnoSports-Ad

Amazon is expecting a net sales between $87 billion to $93 billion, more than the estimates by analysts ($86.34 billion), in the third quarter of this year. One of the reasons behind this is the Prime Days sale. Though the sale is rescheduled in Q4 for some countries, in India it is going to held on 6th and 7th August.

Source

Do Check Out 👇🏼

TechnoSports 🔥 Stay Updated

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Anupam Modak
Anupam Modak
A CS Engineer and Tech Enthusiast who likes to fiddle with the latest gadgets and tech happenings around the world.
TechnoSports-Ad

Popular

TechnoSports-Ad

Related Stories

More from author

5 Easy Ways to Download Free MP3 Songs for Mobile in India

Looking to expand your music library without spending a fortune? Look no further! In this article, we present you with the ultimate guide to...

Top 10 Best Smartwatches under 2000 INR in November 2023

With the growing focus on fitness and health, a smartwatch has become an essential companion for tracking and monitoring your fitness activities and health...

Bumper Deals on Premium TVs during the Great Freedom Festival sale

It’s not been a month since the Amazon Prime Day Sale, and the e-commerce giant is back with another sale – The Great Freedom...

Hisense 55E7K Pro QLED: Get additional 2500 off during Great Freedom Festival

It’s not been a month since the Amazon Prime Day Sale, and the e-commerce giant is back with another sale – The Great Freedom...