While a portion of the world is currently recovering from the COVID-19 pandemic, global shipping is still being largely affected, and Amazon is now prepared to spend billions in order to offset these delays during the upcoming holiday season.
In a press release announcing the e-commerce giant’s Q3 2021 results, new CEO Andy Jassy says that Amazon will incur “several billion dollars of additional costs” due to various Coronavirus-related factors that have surfaced over the past year, including labor shortages, slow supply chains across the world, and more expensive shipping costs. “It’ll be expensive for us in the short term,” the Jassy said, “but it’s the right prioritization for our customers and partners.”
That said, Amazon has still performed exceptionally over the past quarter, recording a 15% growth in net sales to $110.8 billion USD and marking the fourth consecutive quarter that the company has made more than $100 billion USD. Though online sales are slowing as lockdown regulations are relaxing, its Web Services division has been growing immensely, seeing a 39% surge in revenue to bring in $16.1 billion USD.
Elsewhere in the tech industry, Facebook has changed its company name to Meta.
