Amazon Quarterly Profit Triples on Retail Sales, Cloud Computing

Amazon's third-quarter profits tripled from a year ago on strong retail sales during the pandemic and growth in cloud computing, the company announced Thursday

Profit increase to $6.3 billion compared with $2.1 billion a year ago while revenues jumped 37 percent to $96 billion  for the technology and retail colossus.

Shares in Amazon, which saw gains in both retail and its cloud computing, dipped around one percent in after-hours trading following the earnings report.

The results come as Amazon and other tech giants are under intense scrutiny in the US and elsewhere for their growing dominance of key economic sectors. 

The Big Tech firms have held strong in the pandemic by offering goods and connectivity for consumers staying at home.

October 30, 2020