While people all over the world opt to stay at home and shop online during the ongoing pandemic, Amazon has hit an all-time sales record.
On Thursday, October 29, the company announced sales had soared by a 37% for the past quarter, earning a record $96.2 billion.
The figures revealed a $6.3 billion profit for the organisation, which is reported to be around three times higher than the profit made during the same third quarter period of 2019.
We’re seeing more customers than ever shopping early for their holiday gifts, which is just one of the signs that this is going to be an unprecedented holiday season.
Company shares rose by 2% in after hours trading at the beginning of the pandemic. However, they later fell by 1% after it was revealed that Amazon had roughly $4 billion in coronavirus-related costs to come, potentially creating a huge dent in profits.
Since the beginning of the year, Amazon has recruited more than 400,000 new employees to keep up with the soaring demand. However, the company has come under fire for its handling of coronavirus outbreaks within the company after more than 19,000 of Amazon’s US staff contracted the virus.
Bezos has since introduced a testing system for staff, as well as a number of various precautions.
Now, the company is expecting to see net sales of between $112 billion and $121 billion for the next quarter, as we approach the busiest time of the year for shopping ahead of Christmas. If correct, it will mean the first ever $100 billion+ quarter for the company.