Amazon’s sales rose 37% in the third fiscal quarter.
The retail giant now employs 1.12 million full-time workers.
Amazon expects up to £93.76 billion in revenue for the fourth quarter.
Amazon Inc. (NASDAQ: AMZN) said Thursday that its third-quarter fiscal revenue increased 37% year-on-year. The last quarter’s profit, the company added, was also better than expected.
On Thursday, Amazon recorded a drop of almost 2% in trading after hours. On an annual basis, the company’s shares are now up by more than 65%, after a growth of almost 100% compared to the March low of the previous year.
Amazon’s third quarter financial results compared to analysts’ estimates
According to Refinitiv, the experts predicted that the company would print £71.83 billion in sales in the third quarter. For earnings per share, they estimated £5.74. In its Thursday report, Amazon exceeded both estimates, with an increase of £74.51 billion in the third quarter and £9.59 per share.
The retail giant said it now employs 1.12 million full-time workers worldwide, which represents a 50 percent year-on-year increase. Amazon Web Services (AWS) sales were 29% higher in the last quarter at £8.99 billion – in line with FactSet’s consensus. The Seattle-based company said in September it will employ 100,000 new workers in the U.S. and Canada.
At £2.74 billion, AWS’s operating income in the third quarter was more than £2.67 billion forecast. Amazon generated £4.18 billion in revenue from its “other” category, which includes its advertising business. Other revenues represented an annual growth of 51%. Print subscription revenue was £5.10 billion in the third quarter, 33% more than last year.
Amazon’s guide to the fourth fiscal quarter
For the fourth fiscal quarter, Amazon now expects sales to fall between £86.79 and £93.76 billion. Analysts, on the other hand, demand £87.02 billion in sales for Amazon in the fourth quarter.
The U.S. multinational expects £770 million to £3.49 billion in operating revenues in the fourth quarter, as costs worth £3.10 billion attributed to the ongoing Coronavirus pandemic. On Thursday, Amazon also reported that third-party sales grew 55% larger in the third quarter compared to 38% in third-party sales.
In Amazon’s physical stores, sales fell 10% in the last quarter. In separate US news, Spotify also published its quarterly earnings report on Thursday.
At the time of writing, Amazon is valued at £1.25 trillion and has a price/earnings ratio of 123.42….