Strong Growth for Amazon in the Third Quarter

Amazon posted strong financial results for the third quarter of 2020 that ended September 30. The company had double-digit growth in sales and profits.

Net sales increased 37% to $96.1 billion , compared with $70.0 billion in the same period 2019. Excluding the $691 million favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 36%. Operating income increased to $6.2 billion, while net income rose to $6.3 billion , or $12.37 per diluted share.

“Two years ago, we increased Amazon’s minimum wage to $15 for all full-time, part-time, temporary, and seasonal employees across the U.S. and challenged other large employers to do the same. Best Buy and Target have stepped up, and we hope other large employers will also make the jump to $15. Now would be a great time,” said Jeff Bezos, Amazon founder and CEO.

“Offering jobs with industry-leading pay and great healthcare, including to entry-level and front-line employees, is even more meaningful in a time like this, and we’re proud to have created over 400,000 jobs this year alone. We’re seeing more customers than ever shopping early for their holiday gifts, which is just one of the signs that this is going to be an unprecedented holiday season,” added Bezos.

In the fourth quarter, Amazon expects net sales to be between $112.0 billion and $121.0 billion, or to grow between 28% and 38% compared with fourth quarter 2019. Operating income is expected to be between $1.0 billion and $4.5 billion, compared with $3.9 billion in fourth quarter 2019.

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