Amazon posts $2.5bn net income in its Q2 2018 results - Business Leader News

Amazon posts $2.5bn net income in its Q2 2018 results

AmazonOnline retailer Amazon has posted a net income increase for its second quarter financial results of 2018.

For the period ending June 30, net income for the quarter increased from $197m (£150m) experienced in 2017 to $2.5bn (£1.9bn), showcasing a huge jump.

Meanwhile, the group also saw its operating income increase 375% from $628m (£479m) to $3bn (£2.29bn). Sales for the US-based retailer was reported to be worth $52.9bn (£40m) during its second quarter of 2018.

In response to the results, the company has highlighted its success to product launches, such as Fire TV Edition smart TVs as well as the integration of Alexa into many of its existing products.

In a statement, Jeff Bezos Amazon founder and CEO said: “We want customers to be able to use Alexa wherever they are.

“There are now tens of thousands of developers across more than 150 countries building new devices using the Alexa Voice Service, and the number of Alexa-enabled devices has more than tripled in the past year.

“Our partners are creating a wide variety of new Alexa-enabled devices and experiences, including soundbars from Polk and Sonos; headphones from Jabra; smart home devices from ecobee and First Alert; Windows 10 PCs from Acer, HP, and Lenovo; and cars from automakers including BMW, Ford, and Toyota.”

The company says it currently employs 575,700 people across its full-time and part-time network. That figure doesn’t include Amazon’s contractors and temporary personnel.

Amazon projects that it will sell between $54bn (£41bn) and $57.5bn (£43.9bn) in its Q3 2018 results, while it is projected operating income is expected to fall within $1.4bn (£1.06bn) and $2.4bn (£1.83bn).