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At $2.53 Billion, Amazon Reports Record Quarterly Profit
Amazon Founder and CEO, Jeff Bezos. (David Ryder/Getty Images)
With rising sales and increasing revenues from its cloud and advertising services, Amazon reported a record high profit of $2.53 billion for the quarter that ended in June, BBC has reported. The profit is reportedly 12 times the amount in the same period last year.
Sales posted a robust growth of 39 per cent to $52.89 billion while revenue from its cloud business soared by 50 per cent to $6.1 billion. Revenue from advertising also doubled to $2.2 billion.
“It was a strong quarter. What I attribute it to is continued strength in some of our most profitable areas," ," Amazon’s chief financial officer Brian Olsavsky said.
He also attributed the profits to previous investments in infrastructure. Recruitment however slowed during the quarter.
Analysts say that the profitability is accelerating faster than expected, hence benefitting long-term investors in the company who stood by a phase of close to zero profits. Amazon is famous to have had kept deferring profits, going for sustained reinvestments in the company’s growth instead.
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