One of the pandemic’s biggest winners, Amazon.com Inc (AMZN.O), posted record profits on Thursday, signaling that consumers would continue to spend in a growing U.S. economy and the switch to online shopping is unlikely to work.
Since the coronavirus outbreak began, shoppers have increasingly relied on Amazon for staple delivery, and the company expects this trend to continue after the pandemic, especially for food.
While brick and mortar stores have closed, Amazon has now made four record profits in a row, gained more than 200 million Prime customers, and hired over 500,000 employees to keep up with rising demand.
Amazon expects operating income for the current quarter to be between $ 4.5 billion and $ 8 billion, including approximately $ 1.5 billion in costs related to COVID-19.
In over-the-counter trading, stocks rose 4%.
During the pandemic, the world’s largest online retailer was at the center of the workplace turmoil, with a failed …