Business
Amazon posts biggest-ever profit as pandemic savages economy – Sydney Morning Herald
Amazon.com posted the biggest profit in its 26-year history while its ‘big tech’ rivals had somewhat mixed results.
Jeff Bezos, who founded the company in July 1994 and is the world’s richest person, said in a statement, “This was another highly unusual quarter.”
Amazon’s shares have risen by more than 60 per cent this year, while the S&P 500 is virtually flat. The personal stake of Bezos, Amazon’s biggest shareholder, has surged in value in that time.
Jesse Cohen, senior analyst at Investing.com, said Amazon’s business model “perfectly positions it to expand its e-commerce dominance even more broadly a…
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