Amazon Net Sales Hit $89.9 Billion in Second Quarter of 2020
Global News

Amazon Net Sales Hit $89.9 Billion in Second Quarter of 2020

Net income rises to $5.2 billion

TLME News Service

Amazon.com, Inc. has announced its financial results for the second quarter ended June 30, 2020 with a net sales increased 41% year-on-year compared with second quarter 2019.

Operating cash flow increased 42% to $51.2 billion over the last twelve months ended June 30, 2019.

Net sales increased 40% to $88.9 billion in the second quarter, compared with $63.4 billion in second quarter 2019. Excluding foreign exchange rate losses throughout the quarter, net sales increased 41% compared with second quarter 2019.

Operating income increased to $5.8 billion in the second quarter, compared with operating income of $3.1 billion in second quarter 2019.

Net income increased to $5.2 billion in the second quarter, or $10.30 per diluted share, compared with net income of $2.6 billion, or $5.22 per diluted share, in second quarter 2019.

Amazon Air Continues to Expand Fleet

Jeff Bezos, Amazon founder and CEO: “This was another highly unusual quarter, and I couldn’t be more proud of and grateful to our employees around the globe.

“As expected, we spent over $4 billion on incremental COVID-19-related costs in the quarter to help keep employees safe and deliver products to customers in this time of high demand while paying a special thank you bonus of over $500 million to front-line employees and delivery partners.

"We’ve created over 175,000 new jobs since March and are in the process of bringing 125,000 of these employees into regular, full-time positions.

"And third-party sales again grew faster this quarter than Amazon’s first-party sales. Lastly, even in this unpredictable time, we injected significant money into the economy this quarter, investing over $9 billion in capital projects, including fulfillment, transportation, and AWS.”

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