Connect with us


Amazon’s quarterly profit



Spread Articles to Your Friends

With Prime Now, you can receive tens of thousands of daily essentials, products, toys, android phones etc and groceries delivered in 1 to 2 hours when you order on or in Prime Now app. Online giant Amazon, the world’s largest online retailer, takes a lot of money to deliver packages within 24 hours. That squeezes the profit considerably. In addition, the outlook on the Christmas quarter is restrained. Investors react disappointed and send the stock down. Amazon has earned considerably less in the third quarter despite booming purchases on the Internet and thriving cloud services. High spending drove net income down nearly 28 percent year-over-year to $ 2.1 billion (€ 1.9 billion), the world’s largest online retailer said Thursday after the US close in Seattle. It was the first time since 2017 that Amazon’s quarterly profit fell year-over-year.

The result also remained well below the expectations of Wall Street, the stock fell at times by more than nine percent. Amazon boss Jeff Bezos used to be known for driving strong growth with high spending, but in recent years the group has actually become a reliable winning machine. Now Amazon is already waiting for the second quarter in series with high costs and far less surplus than expected. Previously, there had been four quarters of record earnings in a row. The Bezos Group was able to exceed the forecasts for sales. Here, there was an increase of 24 percent to $ 70 billion. However, the outlook on the Christmas business disappointed. For the final quarter, Amazon’s revenue of between 80 billion and 86 billion dollars in prospect. Analysts had expected significantly more. In addition to the established rivals like Alibaba or eBay, Amazon is getting more and more competitive – for example, by the US shopping giant Walmart, which is vigorously expanding its online business.