In the just-ended third quarter, net income fell by about 50% to $3.16 billion, a first since the start of the coronavirus pandemic in the United States.Īndy Jassy, who became CEO in July, in a statement said Amazon was confronting higher shipping costs, increased wages and worker shortages. The company said it expects operating profit for the current quarter to be between $0 and $3.0 billion, short of $6.9 billion Amazon posted the year prior. It has doubled its container processing ability, expanded its delivery partner program and has ramped up its warehouse investments - all at a noteworthy cost. The company meanwhile is contending with global supply chain challenges.
warehouse pay to $18 per hour and marketed ever bigger signing bonuses to attract blue-collar staff it needs to keep its high-turnover operation humming. In a tight labor market, it has boosted average U.S. Oct 28 (Reuters) - Inc (AMZN.O) on Thursday reported a slump in profit that it expects will continue through the holiday quarter, as higher pay to attract workers and other operational disruptions diminish the company's windfall from online shopping.Īfter a year of blockbuster results, the world's largest online retailer is facing a tougher outlook.
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