News
Amazon Enjoys Huge Profits As Expansion Pays Off
The king of e-commerce just posted its third record-breaking profit in a row, pushing past its last peak by almost double the amount.
Amazon’s profits have increased for five consecutive quarters. In Q2, net income rose to $857M, compared to the $92M it brought in the year prior. The e-commerce giant's revenue jumped 31%, pushed up by an enormous 58% gain within its Amazon Web Services cloud unit, the Wall Street Journal reports.
More good news for the company—Amazon’s operating profit margin was 4.2%, more than double its 2% margin a year ago. That’s evidence that, even though the company says it plans to add 18 new warehouses in the current quarter, the firm is steadily controlling costs. [WSJ]
