Net profit mutiplies ten-fold to $2.9 Billion
Amazon.com Inc. has announced financial results for its third quarter ended September 30, 2018.
Net sales increased 29% to $56.6 billion in the third quarter, compared with $43.7 billion in third quarter 2017.
Excluding the $260 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 30% compared with third quarter 2017.
Operating income increased to $3.7 billion in the third quarter, compared with operating income of $347 million in third quarter 2017.
Net income increased to $2.9 billion in the third quarter, or $5.75 per diluted share, compared with net income of $256 million, or $0.52 per diluted share, in third quarter 2017.
Said Jeff Bezos, Amazon founder and CEO: “Amazon Business has now reached a $10 billion annual sales run rate and is serving millions of private and public-sector organizations in eight countries.
“And we’re not slowing down – Amazon Business is adding customers rapidly, including large educational institutions, local governments, and more than half of the Fortune 100.
“These organizations are choosing Amazon Business because it increases transparency into business spending and streamlines purchasing, with increased control. The team is doing a fantastic job building and innovating for customers.”