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Amazon’s Sales Up 29.3% in 3Q

Amazon.com Inc. (NASDAQ: AMZN), Seattle, WA, reported third-quarter sales of $56.6 billion, up 29.3 percent compared to the third quarter of 2017. Net income increased to $2.9 billion in the third quarter, compared with net income of $256 million in the year-ago period, the company said.

For the first nine months, the company reported sales of $160.5 billion, up 36.7 percent from the same period in 2017. Net income $7 billion, compared to $1.2 billion the previous year.

“Amazon Business has now reached a $10 billion annual sales run rate and is serving millions of private and public-sector organizations in eight countries,” said Jeff Bezos, Amazon founder and CEO. “And we’re not slowing down — Amazon Business is adding customers rapidly, including large educational institutions, local governments, and more than half of the Fortune 100. These organizations are choosing Amazon Business because it increases transparency into business spending and streamlines purchasing, with increased control.”

Earlier this week, Amazon Business announced a new set of benefits to its Business Prime program. Customers in 8,000 U.S. cities now have same-day access to more than one million SKUs. In the U.S., Germany and Japan, Business Prime members get deeper spend analysis and preferred supplier management tools as well as more attractive payment terms.

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