Amazon’s revenue and profits increase significantly as AWS business grows

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The internet giant Amazon has reported the results of the second quarter of the current fiscal year, which was closed on June 30. In terms of key indicators, significant growth was recorded, which was largely facilitated by the current epidemiological situation.

Amazon’s revenue and profits increase significantly as AWS business grows

Amazon’s revenue reached $ 113.1 billion, which is 27% more than in the second quarter of last year; which brought in about $ 88.9 billion. Yet the result shown was below analysts’ forecasts, who called the figure of $ 115.2 billion.

Operating income rose from $ 5.8 billion to $ 7.7 billion. Net income was $ 7.8 billion against $ 5.2 billion a year earlier. Profit per share reached $ 15.12 ($ 10.30 in the second quarter of the previous fiscal year).

Amazon talks about the ongoing expansion of the AWS (Amazon Web Services) cloud business. The popularity of such services is growing against the backdrop of a pandemic; that provoked a boom in distance learning platforms, remote work, etc.

AWS revenue was $ 14.81 billion, up 37% year-on-year. Moreover, the growth rates have increased: in the first quarter of this year with a 32% increase.

Amazon is actively expanding its staff. At the end of the second quarter, the company had 1.34 million employees; which is one and a half times (52%) more than in the second quarter of 2020.

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Amazon has no plans to accept bitcoins as payment for goods

Amazon has denied earlier reports that the company intends to start accepting payments in bitcoins by the end of the year. The plans of the e-commerce giant to get started with cryptocurrency were announced by the British business newspaper City AM; citing its own source in the company.

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Later, the news spread on the Internet and Amazon had to deny it. “Despite our interest in this area, the speculations that have arisen around our specific plans for cryptocurrencies are not true. We are still focusing on exploring what this might look like for customers shopping on Amazon, ”said a company spokesman.

At the end of last month, Amazon posted a vacancy for the position of a leading specialist in digital currencies and blockchain platforms. It is worth noting that due to rumors about the beginning of accepting bitcoins as payment for goods on Amazon; the growth of the most popular cryptocurrency rate by 14.5%. At the time of this writing, the cost of bitcoin has declined slightly and the cryptocurrency is trading at $ 36,755 per unit.

The source notes that more and more companies are starting to accept cryptocurrency as payment. As a result, an asset class that was shunned by large financial institutions a few years ago is gradually becoming mainstream. Tesla CEO Elon Musk said last week that his company is likely to start accepting bitcoin as payment again after conducting a check on the amount of renewable energy used to mine cryptocurrency.

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