Online giant Amazon has had a good pandemic and effectively put into practice the maxim that crisis can spell opportunity, writes George MacDonald.
Amazon’s net sales soared 40% to $88.9bn in the second quarter running to June 30. Net income doubled to $5.2bn even though the goliath from Seattle bore $4bn of pandemic-related costs.
Amazon hired 175,000 people over the quarter and 125,000 of them are expected to stay on full-time – testament to the scale of growth as the world reeled from the impact of Covid-19.
The retail industry reeled too as stores other than food shops and other providers of essential goods went into lockdown around the globe, cutting off the revenue channel that still accounts for the majority of business for most.
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