Amazon posts biggest profit ever at height of pandemic in U.S

Amazon posts biggest profit ever at height of pandemic in U.S

Shares of Amazon, the world's largest online retailer, rose 5% in after-hours trade. While rival brick-and-mortar retailers have had to shut stores during government-imposed lockdowns, Amazon hired 175,000 people in recent months and saw demand for its services soar. Amazon had forecast it might lose money in the just-ended second quarter because it expected to spend some $4 billion on protective equipment for staff and other expenses related to COVID-19....

Australian dollar poised to break 0.72 US cents

Posted by OFX AUD - Australian Dollar The Australian dollar offered little to excite investors through trade on Thursday, again failing to break above resistance at 0.72 US cents. Risk assets came under pressure overnight as oil prices dipped and President Trump suggested a delay to the Presidential Election in November. Trump’s … Continue reading "Australian dollar poised to break 0.72 US cents"The post Australian dollar poised to break 0.72 US cents appeared first on ....

Amazon Plows Through Pandemic With Record Profits

(Bloomberg) -- Amazon.com Inc. justified its big investments to keep operating through the Covid-19 pandemic with sales growth and a record profit that far exceeded analysts’ estimates, showing that staying open when so many businesses were forced to close was a rare opportunity.The online retail giant spent more than $4 billion in the second quarter to clean warehouses, hire employees and entice them back to work with temporary pay raises while much of the country shut down. That push paid off as customers shifted from buying groceries and emergency supplies early in the pandemic to bigger orders with electronics and housewares to settle in at home for the long haul.Second-quarter revenue jumped 40% from a year earlier to $88.9 billion. Earnings were $10.30 a share, beating analysts’ average projection of $1.51 per share on sales of $81.2 billion, according to data compiled by Bloomberg.Amazon’s forecast suggests the momentum will continue. Revenue...

ImagineAR Announces Mike Anderson, Former MD of The Sun, as Advisor to CEO For Spearheading UK & Europe Sales

VANCOUVER, BC, July 30, 2020 /CNW/ - ImagineAR (CSE: IP) (OTCQB: IPNFF) an Augmented Reality Company that enables sports teams, brands and businesses to instantly create their own mobile phone AR campaigns, is pleased to announce that Mike Anderson has joined the Company as an Advisor to the CEO for the purposes of launching ImagineAR platform sales in the UK and Europe.  Mr. Anderson is the former managing director of the The Sun and News of the World publications, and founder of the mobile app UK development company -The Chelsea Apps factory.  ImagineAR believes Mr. Anderson will significantly accelerate the Company's presence and sales throughout the UK and Europe....

Alphabet’s Revenue Fell for First Time Ever as Covid Hit Ads

(Bloomberg) -- Alphabet Inc.’s revenue growth machine ground to a halt for the first time in the company’s two-decade history stopped by the coronavirus pandemic and ensuing economic fallout that forced advertisers to pull back spending.Ad sales, which make up the bulk of sales at the Google parent, were $29.9 billion in the second quarter, down 8.1% from the same period last year. That’s the lowest they’ve been since the third quarter of 2018 and the first-ever decline. The slide was a stark contrast to digital advertising rival Facebook Inc., which saw overall revenue grow 11% in the quarter.But Google’s ad sales were picking back up again by the end of the quarter, Chief Financial Officer Ruth Porat said on a conference call. And growth at YouTube and Google’s cloud business continued to be relatively strong.“We are cautiously encouraged by our results,” Porat said, adding that “it’s premature to say that...

Iron’s Swing Factor Says There’s No More Support for Pricey Ore

(Bloomberg) -- Producers don’t typically talk down the price of their commodities. But that’s what Vale SA is doing with iron ore.The Brazilian company, which lost the title of world’s biggest iron-ore supplier in the wake of a tailings dam disaster last year, doesn’t see support for high prices in the short to medium term as it ramps up output in the pandemic, executives said on an call Wednesday.While demand from Chinese steel mills continues to be strong, consumption elsewhere is still weak and producers have shown they can keep mines running in the pandemic. The stabilization of Covid-19 cases in northern Brazil was part of Vale’s decision to resume dividend payments.The prospect of virus-related disruptions in Brazil helped iron ore futures surpass $100 a ton for the first time since August, with Vale’s operations seen as the swing factor for the market’s supply-and-demand balance.Now Vale says it can build on...