Amazon’s sales skyrocketed amid the pandemic, hitting close to $89 billion — a 40% increase from last year. The jump in sales coincides with an economic crisis that has left many retailers struggling to survive.
An Amazon delivery truck is parked outside a warehouse in France on April 16. The online retail giant's revenues and profits soared in the second quarter.An Amazon delivery truck is parked outside a warehouse in France on April 16. The online retail giant's revenues and profits soared in the second quarter.Spikes in online shopping during the pandemic helped Amazon net $5.2 billion in profits as its sales soared to record highs between April and June.
. The retailer managed to double its profits even as it spent more than $4 billion on coronavirus-related expenses and added 175,000 new hires to help keep up with demand.sharpest economic contraction in modern historyBut Amazon was among a few major retailers that saw a huge surge in shopping when the coronavirus forced Americans to hole up at home, where they turned in droves to online options, including for grocery deliveries. Amazon's shares hit all-time record value this month.
Plus, Amazon said more people signed up for or renewed the Prime membership, which in the U.S. costs $119 a year. In turn, Prime subscribers have been prolific shoppers — buying more, and more frequently.early on, the retailer wasn't sure whether it could keep up with shipping needs, as customers complained of delays and
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