Amazon set to smash $100 billion quarter mark for the first time

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Amazon is expected to smash through the highly coveted $100 billion barrier later today when it releases its fourth quarter results.

The online giant is due to reveal its quarterly earnings for the last three months of 2020 this evening, tying up what has already been a record setting year of growth.

Amazon said it expects revenues to come in around 40 per cent higher than its previous quarter when revenues hit $96.1 billion, forecasting figures between $112 billion and $121 billion.

This would mark the first time Amazon has broken the $100 billion mark for a single quarter, coming just days after tech giant Apple achieved the same feat, reporting $114 billion in revenues for its Christmas quarter.

To put Amazon’s staggering growth into perspective, it was only 2015 when it broke the $100 billion barrier for the year.

READ MORE: Amazon offers to help Biden administration roll out vaccine

Throughout the pandemic shoppers have been flocking to the online retailer to buy non-essential items, largely unavailable elsewhere as swathes of the high street remained shut, as well as groceries via its rapidly expanding food delivery service.

This led to a whopping 200 per cent jump in profits last quarter, as its advertising, Prime and cloud computing businesses also performed above expectations.

While its delayed Prime Day sales event, held in October, and busy Christmas season is expected to drive a further rise in profits Amazon warned the increase will be more subdued.

The retailer cautioned that it expected to take a $4 billion hit due to pandemic related costs and the roll out of mass testing at its facilities.

Since the start of 2020, Amazon has seen its share price almost double and is now worth around $1.65 trillion.

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