Amazon is making more money from coronavirus than Christmas

Yesterday, one day after members of the US congress grilled tech leaders including Amazon founder and CEO Jeff Bezos on antitrust issues, the company reported a blow-out quarter that saw its sales surge.

In the three months through June 30, during which large parts of the US were in lockdown due to Covid-19, Amazon said it sold more than $50 billion in products, a 40% increase over the same period a year ago. Total sales, which include money it brings in from channels such as its cloud-computing service and fees it charges its vast marketplace of third-party sellers, rose to $88.9 billion, far above the $81.6 billion analysts had forecast.

That means Amazon outdid the $87.4 billion in sales it recorded during the holidays last year, when demand typically peaks before leveling out again. On the company’s earnings call yesterday, CFO Brian Olsavsky said it was “unheard of” to surpass those sales at this time of year—and then added that next quarter is also on track to surpass that level.

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