The miracle of Internet business, Amazon, does not cease to amaze investors with its achievements. The current reporting season revealed a record growth rate. In the second quarter of 2018, net profit of the online retailer jumped by almost 13 times. This figure is not the only reason to be surprised. For the first time in history, net profit exceeded the threshold of $2 billion, to be exact, the figure reached $2.5 billion.
For comparison, the report for the second quarter of 2017 indicated a more modest figure, $197 million.
And there is more no less interesting evidence of Amazon's success.
The company increased its operating profit by almost 5 times, from $628 million to $2.98 billion. Revenues rose from $37.96 billion to $52.90 billion, or almost 40%.
Amazon representatives are happy to share the simple secrets of successful quarterly data. As noted in the Financial Times, net profit improved thanks to advertising and cloud business. A positive contribution was also made by two more fields: retailing and profile business.
So, judging by the indicators, now the company's profit accounts for billions of dollars, and that allowed Amazon to overtake Facebook.
It should be pointed out that Amazon's fantastic quarterly report was published along with Facebook disappointing data. Amid this situation, shares of the world's largest social network couldn't maintain high ranking and sharply decreased in price. The losses of the company amounted to about $130 billion, and its founder, Mark Zuckerberg, lost three positions in the ranking of the world's wealthiest people.
The status of the richest man in modern history belongs to Jeff Bezos, creator of Amazon. In July, his fortune was estimated at a record $150 billion.
