Amazon announced the financial results of the second quarter of 2020 for the period ending June 30. According to the report, the company’s revenues for the second quarter amounted to $88.9 billion, up 40 percent year-on-year, and exceeding analysts’ expectations of $81.5 billion. Amazon Cloud Services (AWS) accounted for $10.81 billion of that total, an increase of 29 percent over the previous year.
Several AWS customers in the hospitality and travel industry have reduced costs, and AWS is helping these customers implement best practices to reduce costs, said Brian Olsavsky, Amazon’s chief financial officer. In other areas, many companies are investing in cloud computing to achieve a more scalable digital transformation as demand increases or decreases.
In the second quarter, the company’s net sales from North America were $55.44 billion, up 43.4 percent compared to $38.653 billion in the same period last year. Net revenue from international regions for the second quarter was $22.67 billion, up 38.5 percent compared to $16.370 billion for the same period last year.
In addition, the Company’s net income for the second quarter was $5.2 billion, up 100 percent from $2.6 billion in the same period last year; diluted earnings per Beach share were $10.30, almost $9 per share above analyst expectations of $1.46 per share.
Amazon said the company’s revenues for the third quarter of 2020 are expected to be between $87 billion and $93 billion, an increase of 24% to 33% year-on-year compared to the third quarter of 2019.
In addition, the company expects revenues for the third quarter to be between $2 and $5 billion, compared to $3.2 billion in the third quarter of 2019.