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BusinessCompany earningsFinanceNews

Amazon posts strong second-quarter revenue, income

Amazon.com Inc. (NASDAQ:AMZN) late Thursday reported strong second-quarter revenue and profits as it benefited from the rapid acceleration in e-commerce demand due to efforts to control the spread of the novel coronavirus.

Demand for the Seattle-based company’s delivery and fulfillment services was reflected in its shipping costs, which hit an all-time record of $13.6 billion, a 68% year-over-year increase. The previous record was $12.9 billion in the fourth quarter of 2019. The fourth quarter includes the peak holiday buying period, traditionally Amazon’s busiest.

Amazon reported that net sales increased 40% to $88.9 billion in the second quarter, compared with $63.4 billion in second quarter 2019. Net sales rose 41% year-over-year, excluding a $582 million unfavorable impact in the 2020 quarter from changes in foreign exchange rates.  Operating income increased $2.7 billion to $5.8 billion. Net income doubled to $5.2 billion, while diluted earnings per share doubled to $10.30.

Amazon projected third-quarter net sales of between $87 billion and $93 billion, a 24% to 33% year-on-year increase. Operating income is expected to fall within a range of $2 billion to $5 billion, the company said. Operating income in the 2019 quarter came in at $3.2 billion.

Amazon executives will hold an analyst call at 5:30 p.m. EDT to discuss the results.

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Mark Solomon

Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. Solomon began his journalistic career in 1982 at Traffic World magazine, ran his own public relations firm (Media Based Solutions) from 1994 to 2008, and has been at DC Velocity since then. Over the course of his career, Solomon has covered nearly the whole gamut of the transportation and logistics industry, including trucking, railroads, maritime, 3PLs, and regulatory issues. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Postal Service from a mail-focused service to parcel, as well as the exponential, e-commerce-driven growth of warehouse square footage and omnichannel fulfillment.

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