Amazon makes revenue of $56.6 bn in Q3

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Retail giant Amazon.com saw its net sales increasing 29 per cent to $56.6 billion in the third quarter this year, compared with $43.7 billion in third quarter of 2017 while their operating income increased to $3.7 billion in the third quarter, compared with operating income of $347 million in the third quarter of 2017.

Net income increased to $2.9 billion in the third quarter, or $5.75 per diluted share, compared with net income of $256 million, or $0.52 per diluted share, in the third quarter of 2017.

“Amazon Business has now reached a $10 billion annual sales run rate and is serving millions of private and public-sector organisations in eight countries,” said Jeff Bezos, Amazon founder and CEO.

“We’re not slowing down — Amazon Business is adding customers rapidly, including large educational institutions, local governments, and more than half of the Fortune 100,” Bezos said in a statement.

Amazon gave fourth-quarter revenue guidance in the range of $66.5 billion and $72.5 billion. Amazon Web Services (AWS) announced several new customer commitments and major migrations during the quarter.

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Retail giant Amazon.com saw its net sales increasing 29 per cent to $56.6 billion in the third quarter this year, compared with $43.7 billion in third quarter of 2017 while their operating income increased to $3.7 billion in the third…