Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Amazon's quarterly profits soar past $2bn for first time

The company's CFO attributed 'efficiencies' in warehouses and an increase in online shopping

Chris Riotta
New York
Wednesday 24 October 2018 10:39 BST
Comments
An Amazon delivery driver apparently threw a box of LED lights through an upstairs window
An Amazon delivery driver apparently threw a box of LED lights through an upstairs window (Reuters)

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Amazon has released its latest quarterly earnings, proving once against the world's largest online retailer is still one of the most tremendous juggernauts in digital earnings.

The company's quarterly profit soared past $2bn for the first time, as revenue from online shopping and its cloud computing business grew.

These were a "big contributor" to the climbing profit margins, Amazon CFO Brian Olsavsky said in a conference call, adding that improved "efficiencies" in warehouses and data centres also led to a boost in revenue.

The Seattle-based company reported net income of $2.53bn, or $5.07 per share, for the three months ending June 30. That blew past the $2.48 per share Wall Street analysts expected, according to FactSet.

The company’s revenue also includes that of Whole Foods, the grocery chain its acquired last year. The acquisition helped Amazon's revenue soar year-to-year by nearly 39 percent, climbing over $32bn in North America and more than $14bn internationally.

Amazon Prime day launches July 16

Revenue soared 39 percent to $52.89bn in the second quarter, but was below the $53.37bn analysts expected.

Shares of Amazon.com Inc. rose more than 2 percent to $1,851.50 in after-hours trading Thursday.

The quarterly report arrives as Facebook announces one of the most dramatic declines in US stock market history, as the social platform’s price fell by 18 per cent on Wednesday.

Click here for Amazon discount codes

Additional reporting from the Associated Press.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in