(Amazon photo)

The pandemic-induced e-commerce surge is expected to result in record sales and earnings for Amazon as the company reports its results for the holiday quarter on Tuesday.

Amazon had previously forecast fourth-quarter sales between $ 112 billion and $ 121 billion. That would be a year-over-year increase from 28% to 38% and the first quarter of over $ 100 billion for Amazon. It’s also well below the previous record ($ 96.1 billion) that was just set in the third quarter. Annual sales could exceed $ 350 billion, setting another record.

Wall Street estimates earnings per share at $ 7.20, up 11% year over year, and revenue of $ 119.6 billion.

Consumers have turned to online shopping amid the pandemic, with social distancing mandates and physical retailers operating on a limited basis. From November 1 to December 24, US e-commerce sales increased 47.2% year over year, according to Mastercard SpendingPulse. Online sales accounted for 19.7% of total retail, up from 13.4% the previous year.

This trend was …

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