Amazon third-quarter net sales beat estimates as more people shop online

Amazon.com Inc on Thursday reported record profit for the second quarter in a row and forecast a jump in holiday sales, as consumers continued to shop more online during the novel coronavirus pandemic.

Shares initially rose 2 per cent in after-hours trading and then turned lower by 1 per cent as the company forecast $4 billion in Covid-19 related costs for the current period and operating income below Wall Street’s expectations.

Since the start of the virus outbreak in the United States, consumers have turned increasingly to Amazon for delivery of groceries, home goods and medical supplies. Brick-and-mortar shops closed their doors; Amazon by contrast moved to recruit over 400,000 more workers and earned $6.3 billion in the just-ended third quarter, the most in its 26-year history.