Why it matters: While most industries suffered this year due to Covid-19, tech giants have performed better than ever. With everyone staying at home and interacting with their tech, that’s really no surprise. However, what is surprising is just how well some companies have done — Amazon, in particular, has reportedly ranked in an astonishing $96.1 billion throughout Q3 2020.
And that cash just comes from Amazon’s sales — its other services aren’t factored in there. That massive chunk of change is 36 percent higher than it was in Q3 2019 when Amazon made about $70 billion in sales for the quarter.
Again, it isn’t difficult to see why Amazon has achieved this level of success. With lockdowns and stay-at-home orders becoming the norm earlier this year, customers have quickly grown accustomed to purchasing everything from luxury items like computer hardware or video games to essentials like hand sanitizer and toilet paper through the platform.
In other words, Amazon has rapidly become many people’s one-stop-shop for just about everything you can think of, and that’s being reflected in their earnings. Of course, Prime Day’s massive discounts likely also played a role here.
Amazon, as a company, isn’t just sitting on its wealth idly, of course. As of late, the retail giant has created 100,000 new “permanent jobs” across its operations, each of which pays an “industry-leading” $15 per hour. Compared to the federal minimum wage of $7.25, that is indeed quite the improvement.
Additionally, Amazon has created 100,000 more seasonal jobs in its fulfillment centers, sortation centers, and Amazon Air facilities. These jobs also pay a minimum of $15 per hour.
Overall, Amazon is doing better than ever, and we’ll be curious to see whether or not its success will carry over to 2021, as the world hopefully begins to get a handle on the Covid-19 pandemic.