Amazon doubles Q2 income, more warehouse expansion planned this year

Innovation Day at Amazon-June 26, 2019
Posted at 10:30 AM, Aug 03, 2020
and last updated 2020-08-03 13:30:14-04

Amazon brought in $5.2 billion in Q2 income, double what it made during the same quarter last year.

Amazon had $88.9 billion in Q2 sales, compared to $63.4 billion during the same period last year — a 40% increase. Chief Financial Officer Brian Olsavsky [] said Q2 is typically the company’s lightest quarter for its retail business, but that wasn’t the case this year. The quarter saw higher revenues than last year’s Q4, and he expects Q3 to be the same.

Amazon Prime members are driving demand by shopping more often and buying more things. The grocery business thrived, tripling sales after it tripled pickup locations and increased delivery capacity by more than 160%.

Looking toward its retail peak in the second half of the year, Amazon’s space needs are increasing and the company plans to add significant fulfillment center and transportation capacity.

Read more of this subscription-only article from the Business Journal.