Left Menu
Development News Edition

Amazon third-quarter net sales beat estimates as more people shop online

Amazon.com Inc's third-quarter revenue beat Wall Street estimates on Thursday and the e-commerce giant forecast holiday-quarter sales above expectations, as the COVID-19 pandemic pushed more people to shop for groceries and other essential items on its online platform. Amazon's cloud services also saw strong demand as companies switched to virtual offices to curb the spread of the pandemic.

Reuters | Updated: 30-10-2020 10:28 IST | Created: 30-10-2020 01:41 IST
Amazon third-quarter net sales beat estimates as more people shop online

Amazon.com Inc's third-quarter revenue beat Wall Street estimates on Thursday and the e-commerce giant forecast holiday-quarter sales above expectations, as the COVID-19 pandemic pushed more people to shop for groceries and other essential items on its online platform.

Amazon's cloud services also saw strong demand as companies switched to virtual offices to curb the spread of the pandemic. Revenue from Amazon Web Services (AWS) surged 29% to $11.60 billion. E-commerce firms and companies with strong online presence have seen business boom, as the COVID-19 pandemic has led to less shopping at brick-and-mortar stores, with more people using their mobile phones and computers to shop.

The company forecast net sales in the range of $112 billion to $121 billion for the fourth quarter. Analysts were expecting a revenue of $112.32 billion, according to IBES data from Refinitiv. Net sales rose to $96.15 billion in the third quarter ended Sept. 30 from $69.98 billion a year earlier, beating estimates of $92.70 billion, according to IBES data from Refinitiv.


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

Cameroon Bar Association forsook gowns, wigs to voice dissatisfaction

Cameroon Bar Association launched a five-day protest to voice dissatisfaction over the discourteous manner reflected by the countrys magistracy, military, and the executive branch, according to a report by Anadolu Agency.The Lawyers reporte...

Reuters Sports News Summary

Following is a summary of current sports news briefs. Olympics-Olympic rings return to Tokyo BayThe Olympic rings monument was reinstalled in Tokyo Bay on Tuesday, after being removed in August for maintenance, as organisers ramp up prepara...

Brother of Farooq Abdullah among alleged land encroachers in J-K

The name of Mustafa Kamal, brother of former Jammu and Kashmir Chief Minister and National Conference President Farooq Abdullah, appears as an alleged illegal occupant of land other than Roshni in the document published by Divisional Commis...

Reuters Health News Summary

Following is a summary of current health news briefs. California at COVID-19 tipping point as Trump administration hopes for vaccines by ChristmasCalifornias governor said on Monday the state was at a tipping point in the COVID-19 pandemic ...

Give Feedback