Amazon's net income increases to $5.2 billion despite COVID-19 pandemic

Amazon Inc on July 30 announced second-quarter results as it posted its biggest profit in 26-year history despite coronavirus pandemic that has gravely impacted businesses across the globe. According to Amazon, the operating cash flow of the company increased by 42 per cent to $51.2 billion compared to $36.0 in June last year. Net sales increased by 40% to $88.9 billion in the second quarter, compared with $63.4 billion in the second quarter of 2019. Net income increased to $5.2 billion in the second quarter, or $10.30 per diluted share, compared with net income of $2.6 billion, or $5.22 per diluted share, in second-quarter 2019, the online delivery giant said in the report.

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'Couldn't be more proud'

"This was another highly unusual quarter, and I couldn’t be more proud of and grateful to our employees around the globe. We’ve created over 1,75,000 new jobs since March and are in the process of bringing 1,25,000 of these employees into regular, full-time positions. And third-party sales again grew faster this quarter than Amazon’s first-party sales. Lastly, even in this unpredictable time, we injected significant money into the economy this quarter, investing over $9 billion in capital projects, including fulfillment, transportation, and AWS," said Jeff Bezos, Amazon founder, and CEO in a release on Thursday. 

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Meanwhile, Amazon also provided some personal benefit to employees amid the coronavirus crisis. As per the report, Amazon provided a one-time 'Thank You' bonus totaling over $500 million to all front-line employees and partners who were with the company throughout the month of June. Amazon also introduced a new family backup care benefit through Care.com to 6,50,000 full and part-time employees, providing them with up to 10 days of a company-subsidised emergency backup child or adult care. However, this benefit was only for the company's employees in the United States. 

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