Amazon boosts net sales by 40% to $88.9 billion in Q2 2020

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Amazon AWS

Unlike many other companies, Amazon was always expected to do well during the pandemic, and the company did not disappoint.

They grew net sales to $88.9 billion, up 40% YoY, and delivered $10.30 EPS with profits increasing 100% from $2.6 billion to $5.2 billion. AWS was up 29%.  The company has beat analyst expectations of $81.53 billion in revenue and $1.46. EPS.

Amazon had increased its capacity by over 160 percent and created over  175,000 new jobs since March. It says is grocery business tripled over the period.

Amazon congratulated its employees with Jeff Bezos saying “This was another highly unusual quarter, and I couldn’t be more proud of and grateful to our employees around the globe.”

The company’s share price is up nearly 5% in after-hours trading.

More about the topics: amazon, amazon earnings, Q2 2020