Amazon and Apple Combined Earn $148 Billion from April thru June
Amazon.com and Apple have just reported their financial results for the quarter ending June 30, 2020; Net sales for Amazon totaled $88.9 billion in the quarter, and net sales for Apple totaled $59.7 billion, just shy of $150 billion combined.
Amazon CEO Jeff Bezos calls it a “highly unusual quarter” which has brought the company so much business they’ve “created over 175,000 new jobs since March”. Net sales for the next quarter “are expected to be between $87.0 billion and $93.0 billion”.
Apple, which had to close retail stores around the world in response to the pandemic, was expected to report slightly less revenue than typical. Instead, CEO Tim Cook says “Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments”. Apple sold over $26 billion worth of iPhones, $7 billion of Macs, $6.5 billion of iPads, $6.5 billion of Apple Watches and other accessories, and $13 billion from Music, App Store, and other services in the quarter’s three month period.
Stock of both companies soared upon release of the earnings.