Business > Economics

Amazon blasts past estimates, triples profits to $6.2bn but says COVID will cost it $4bn over the next quarter

27 days ago   |   By The Register

Bezos predicts a very Merry Christmas Amazon on Thursday reported $96.1bn in revenue for its third quarter of 2020, a 37 per cent increase year-on-year that demonstrated its continued resistance to pandemic-induced economic malaise...
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The Big 4 tech companies - Amazon, Apple, Facebook, and Google - blew past Wall Street estimates in their latest-quarter earnings reports

The Big 4 tech companies - Amazon, Apple, Facebook, and Google - blew past Wall Street estimates in their latest-quarter earnings reports

27 days ago   |   By Business Insider

Summary List Placement
Alphabet
Google parent company Alphabet reported revenue of $46.17 billion, an increase of roughly 14% year-over-year. The revenue beat Wall Street estimates, closing what CEO Sundar Pichai called "a strong quarter, consistent with the broader online environment." The search giant's stock soared by at least 5% in after-hours trading.
Revenue: $46.17 billion ($42.88 billion expected according to analysts surveyed by Yahoo Finance)
EPS : $16.40 ($11.21 expected according to analysts surveyed by Yahoo Finance)
Net Income : $11.25 billion
Google Cloud revenue: $3.44...
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Google Cloud's revenue growth picked back up slightly in Q3, and it's continuing to help drive Google's strength overall

Google Cloud's revenue growth picked back up slightly in Q3, and it's continuing to help drive Google's strength overall

27 days ago   |   By Business Insider

Summary List Placement
Google Cloud's growth showed slight acceleration again, as parent-company Alphabet reported cloud revenue of $3.4 billion in the third quarter , a 45% increase year-over-year. Last quarter, the unit reported only 43% growth from the previous year, which had been down from 52% growth in Q1.
Alphabet's stock surged about 8% after hours on Thursday, reporting total revenue of $46.2 billion. Google CFO Ruth Porat said that growth was driven by "continued strength in Google Cloud," in addition to increase in advertiser spend on Search and YouTube, as well as growth in...
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Amazon Web Services reports $11.6 billion third-quarter revenue, up 29% year over year

Amazon Web Services reports $11.6 billion third-quarter revenue, up 29% year over year

27 days ago   |   By Business Insider

Summary List Placement
Amazon reported $11.6 billion in quarterly revenue for the company's market-leading Amazon Web Services cloud business, up nearly 29% from the same quarter last year.
AWS continued to be a profit-driver for Amazon, accounting for more than $3.5 billion of Amazon's nearly $6.2 billion in operating income for the third-quarter.
The sales growth for AWS is in line with analyst expectations. AWS growth has been slowing for years (from a high of 46% growth in the fourth quarter of 2018), but analysts generally chalk it up to law of large numbers. Basically, AWS' growing...
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Boris Johnson appoints new chief of staff after losing two top advisers

Boris Johnson appoints new chief of staff after losing two top advisers

Boris Johnson is shaking up his senior leadership team The Prime Minister has appointed a new chief of staff after one of his closest aides turned down the job and... Read more ...

Rishi Sunak budget will see six million poor households lose £1,000 next year

Rishi Sunak budget will see six million poor households lose £1,000 next year

Economic think tanks have warned the decision not to extend the £20 rise to Universal Credit will hit poor families as unemployment reaches a peak next March. Read more ...

Experts give their verdict on Rishi Sunak's spending review

Experts give their verdict on Rishi Sunak's spending review

Description Freezing public sector pay increases and cut to foreign aid dominate headlines Credits Tolga Akmen/AFP via Getty Images Alt Text Rishi Sunak carries a copy of his... Read more ...

Chelsea target says he wants to win trophies and explains his role

Chelsea target says he wants to win trophies and explains his role

Chelsea had an exceptional summer conducting business in the transfer market, but there was one player left who many thought would complete the puzzle. West Ham midfielder... Read more ...

Use the best credit cards for Black Friday and Cyber Monday to earn the most...

Use the best credit cards for Black Friday and Cyber Monday to earn the most rewards on your holiday spending, whether you prefer cash back or flexible points

Summary List Placement This page includes information about the Discover it® Cash Back, which is currently not available on Business Insider and may be out of date. The best... Read more ...

Rishi Sunak warns the cost of Covid-19 pandemic will 'scar' the economy

Rishi Sunak warns the cost of Covid-19 pandemic will 'scar' the economy

In a bleak set of forecasts, the UK Office for Budget Responsibility said national output will shrink by 11.3 per cent this year - the largest fall in three centuries. Read more ...

Coronavirus inflicts worst blow to economy in 300 years with GDP down 11.3%

Coronavirus inflicts worst blow to economy in 300 years with GDP down 11.3%

Chancellor Rishi Sunak warned that the 'economic emergency has only just begun' as he delivered the grim forecasts at the Spending Review Read more ...

Sony reassures anxious PlayStation fans: 'More PS5 inventory will be coming...

Sony reassures anxious PlayStation fans: 'More PS5 inventory will be coming to retailers before the end of the year'

Summary List Placement Sony's PlayStation 5 is finally available worldwide. Because of the pandemic, millions of people turned to digital storefronts to purchase the new... Read more ...

No-Deal Brexit Would Delay Covid Recovery By A Year, Watchdog Warns

No-Deal Brexit Would Delay Covid Recovery By A Year, Watchdog Warns

The recovery from coronavirus would be delayed by a year to summer 2023 if Boris Johnson fails to strike a Brexit trade deal with the EU, the UK's fiscal watchdog has warned... Read more ...

US weekly jobless claims rise to 778,000, more than economist forecasts as...

US weekly jobless claims rise to 778,000, more than economist forecasts as labor-market recovery weakens

Summary List Placement The number of filings for US unemployment insurance rose last week, defying economist estimates that called for a decline. The latest data suggests the... Read more ...