Amazon’s third-quarter earnings were announced in a press release few days ago, and while the figures might not necessarily be shocking we can’t help but being impressed.
According to the report, Amazon’s earnings boomed to $43.7 billion! That’s an increase of 34% compared to 2016 third-quarter figures. And they’re not stopping there. Fourth-quarter sales are projected to grow between $56.0 billion to $60.5 billion and that’s with how the business is currently running.
Amazon’s success has left Jeff Bezos sitting at the top of the Bloomberg Billionaire’s Index as the richest person in the world, surpassing Bill Gates and Warren Buffet for the first time.
It makes sense considering Amazon has become to the first point of contact for user search with 65% of consumers visiting Amazon before any other site. Does that mean that Amazon is the new platform to be on?
Advertisers have increasingly begun investing advertising expenditure onto the digital marketplace with Amazon’s advertising revenue doubling since 2016. While this doesn’t necessarily indicate that Amazon is the new Google, there is definitely some rivalry afoot between the two digital giants and it will be interesting how they battle it out.