Tech Giants Amazon and Alphabet, parent of Google have posted sales surge over the last three months. Alphabet share jumped above $1,000 in post hours trading after the company reported about the sales that were up by 24% to $27.8 billion. The world’s largest e-commerce site, Amazon witnessed sales rising by 34 percent to $43.7 bn., which is as much as the economy of Slovenia last year.
Meantime, the profit beat of Microsoft reckons on gains from the cloud services.
It is till 30th September for the last three months the profit of Alphabet rose from $5.6 bn. to $7.8 bn. for this same quarter period last year.
Ruth Poral, the chief financial officer, said that the firm feels ecstatic due to its performance this way. She stated; “We had a terrific quarter, with revenues up 24% year on year, reflecting strength across Google and Other Bets. Our momentum is a result of investments over many years in fantastic people, products and partnerships.”
Google sustains in making up with the vast majority of Alphabet’s income and revenue. Whatsoever, the so-called other Bets unit that includes the Project Loon Wi-Fi enabled weather balloon venture and the Waymo without driver car business, saw rise and fall of the revenues.
Last year the total revenue of Other Bets was up to $302m right from $197m.
Jeff Bezos, the chief executive of Amazon said; “In the last month alone, we’ve launched five new Alexa-enabled devices, introduced Alexa in India, announced integration with BMW, surpassed 25,000 skills, integrated Alexa with Sonos speakers, taught Alexa to distinguish between two voices, and more.”
He said that the increase in sales of Amazon was partly down due to the rising demand for the smart home products of the firm that are powered by AI assistant named Alexa.
Amazon acquired the upmarket grocer whole foods in August, which brought in sales in the quarter by $1.3bn. Amazon said; excluding the whole foods, sales increased by 29 percent.
In North America sales were up by overall 35% that accounts a bulk of Amazon’s business. In its international division they increased by 29%. The firm also mentioned that now it has full and part-time staff of nearly 542,000 that also includes workers from Whole foods.