Jeff Bezos just racks up the money….
(Giving his arch enemy Donald Trump the ‘finger’?…)
The company just keeps growing and GROWING…..
Like Pac Man eating up small and medium sized other businesses…
And during a time when people are staying home?
A ‘essentail’ service…
One that IS hiring while others are shut down and going out of business…
Amazon will tell the world this week just how much money it has made from the “unprecedented demand shift” to its site from millions of people under lockdown conditions around the world.
The retailer, which is run by the world’s richest man, Jeff Bezos, will release its sales and profit figures for the first three months of the year (including the first few weeks of the lockdown in the UK and much of Europe and the US) on Thursday.
Analysts forecast Amazon to report first-quarter revenues of $73bn (£58bn). That would be up nearly 22% on the same quarter last year, and works out as sales of $10,000 every second, day and night.
Sales at Amazon had already been increasing, but analysts at Bank of America say the lockdown has fuelled an “unprecedented demand shift” to online sellers.
While most businesses have been hit hard by the impact of the pandemic and the looming recession, shares in Amazon have risen to a record high as hundreds of millions of people stuck indoors turn to the delivery giant to keep them fed and entertained.
Josh Brown, chief executive of Ritholtz Wealth Management, said: “Amazon became a utility in this crisis – defensive, reliable, indispensable.”
Analysts at the US investment bank Cowen likened the impact of the lockdown to the Black Friday shopping frenzy in November, or Amazon’s own Prime Day sale in July. “Amazon has seen an ‘enormous increase in demand’ as shoppers are forced to stay home, essentially creating an extended Prime Day/Black Friday type of situation,” they wrote.
Amazon’s share price is up 42% in the past month, hitting a record high above $2,400 last week. One month ago they were changing hands at $1,689.
At these prices the business is valued at $1.2tn, making it the third biggest US company after Microsoft ($1.35tn) and Apple ($1.25tn).
The soaring share price has added to Bezos’s already massive fortune….
image…Raleigh News & Obaserver