Amazon just announced quarterly revenues that are bigger than those of Microsoft and Google combined: $96.15 billion, an incredible gain of 37 percent year-over-year. But its net income was a paltry $6.3 billion, lower than the profits posted by its competitors.
“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,” Amazon founder and CEO Jeff Bezos said. “Big thank you to our employees and selling partners around the world who’ve been busy getting ready to deliver for customers this holiday.”
To say that Amazon has benefitted mightily from the COVID-19 pandemic is obviously an understatement. But instead of acknowledging this fact, the company instead used its quarterly financial announcement to talk about all the hiring its done during this awful time: Amazon says it has created over 400,000 jobs this year and that its employees are offered “industry-leading pay and great healthcare.”
The word “hero” is, perhaps, tossed around too lightly in some cases. Ahem.
While there is precious little in the press release that isn’t about Amazon patting itself on its collective back, the retailing giant says that it expects to deliver between $112.0 billion and $121.0 billion in revenues in the current holiday quarter, with YOY growth as high as 38 percent. Incredible.