Amazon pulled in $96.1 billion in sales during the third quarter of 2020

Polycount

Posts: 2,699   +566
Staff member
Why it matters: While most industries suffered this year due to Covid-19, tech giants have performed better than ever. With everyone staying at home and interacting with their tech, that's really no surprise. However, what is surprising is just how well some companies have done -- Amazon, in particular, has reportedly ranked in an astonishing $96.1 billion throughout Q3 2020.

And that cash just comes from Amazon's sales -- its other services aren't factored in there. That massive chunk of change is 36 percent higher than it was in Q3 2019 when Amazon made about $70 billion in sales for the quarter.

Again, it isn't difficult to see why Amazon has achieved this level of success. With lockdowns and stay-at-home orders becoming the norm earlier this year, customers have quickly grown accustomed to purchasing everything from luxury items like computer hardware or video games to essentials like hand sanitizer and toilet paper through the platform.

In other words, Amazon has rapidly become many people's one-stop-shop for just about everything you can think of, and that's being reflected in their earnings. Of course, Prime Day's massive discounts likely also played a role here.

Amazon, as a company, isn't just sitting on its wealth idly, of course. As of late, the retail giant has created 100,000 new "permanent jobs" across its operations, each of which pays an "industry-leading" $15 per hour. Compared to the federal minimum wage of $7.25, that is indeed quite the improvement.

Additionally, Amazon has created 100,000 more seasonal jobs in its fulfillment centers, sortation centers, and Amazon Air facilities. These jobs also pay a minimum of $15 per hour.

Overall, Amazon is doing better than ever, and we'll be curious to see whether or not its success will carry over to 2021, as the world hopefully begins to get a handle on the Covid-19 pandemic.

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poohbear

Posts: 521   +410
It also shut down alot of small businesses...but that's more the pandemic's fault than Amazon. Let's see if this trend carries over into 2021 though.
 

Vulcanproject

Posts: 1,273   +2,125
It also shut down alot of small businesses...but that's more the pandemic's fault than Amazon. Let's see if this trend carries over into 2021 though.
I eventually think that in the West what we know as the main street full of store fronts and shelf stock will gradually disappear until all that is left is small specialised independents. The survivors. Much like it was 70 years ago where you went to the butcher, baker and the candlestick maker. They knew your name.

Once an older generation is gone that had nothing to do with the internet and never bought anything off it in their lives, we'll accept everything is ordered online and delivered. It'll all be in a giant warehouse with next day delivery, at worst.

The vast majority of under 50s for example have a significant online presence. in 20 years they will be the silver surfers and it'll be normalised, for everyone.
 

Uncle Al

Posts: 7,606   +6,117
No big surprise there. What I am surprised by is the fact that we haven't seen many other players enter this market, which would help competitiveness for the buyers. Amazon, like Walmart used to offer great discounts but that is long since past and in many cases both charge higher than competitors. Brands like Good Threads has gotten out of control and can easily be beat by Kohls and similar big box stores.