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Amazon Q3 2021 net income down almost two-fold, says financial report

Other News Materials 29 October 2021 06:27
Amazon Q3 2021 net income down almost two-fold, says financial report

Net income of the world’s biggest online retailer Amazon dropped almost two-fold in Q3 2021 year-on-year, according to the company’s Q3 financial results report released on Thursday, Trend reports citing TASS.

"Net income decreased to $3.2 billion in the third quarter, or $6.12 per diluted share, compared with $6.3 billion, or $12.37 per diluted share, in third quarter 2020," the report said.

Operating income decreased to $4.9 bln in the reporting period, compared with $6.2 bln in Q3 2020.

In the fourth quarter, Amazon expects to incur several billion dollars of additional costs in its consumer business as it manages through labor supply shortages, increased wage costs, global supply chain issues, and increased freight and shipping costs. "It’ll be expensive for us in the short term, but it’s the right prioritization for our customers and partners," Chief Executive Officer Andy Jassy was quoted as saying.

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