Amazon and Twitter report rise in profit
Two American tech giants Amazon and Twitter have seen a spike in both revenue and profit as business gets back to normal post Covid-19 pandemic.
The lockdowns that were forced globally due to the pandemic has seen many businesses take a financial knock.
However the American multinational e-commerce company Amazon has a different scenario as it saw its profit triple from a year ago and those profits are expected to continue even as the company spends billions of dollars dealing with Covid-19.
CNET reported that Amazon’s net income for the third quarter rose to $6.3 billion from $2.1 billion a year ago. This is despite spending around $2.5 billion dealing with the global pandemic. The online retailing giant also posted revenue that rose 37% to $96.1 billion. Excluding foreign exchange rate changes, the increase was still 36% over a year ago.
One of the world’s leading social media networks Twitter has also risen its earnings despite the ongoing impacts of Covid-19. Twitter posted $936.2 million in revenue, beating the $777.15 million in revenue that analysts surveyed by Thomson Reuters expected. The company earned 4 cents per share, beating the loss of 10 cents per share Wall Street anticipated.
Although the company has seen a major spike in earnings, it missed analyst expectations of 195.19 million users.
Tech mogul and CEO of Twitter Jack Dorsey said Topics would help get more people involved in Twitter. Topics is a product that allows users to follow topics the way they follow individual accounts. “It just further shows all the conversations that are possible on Twitter," said Dorsey.