Amazon, Apple Tipped To Record Historic $100bn Revenues During Christmas Season
This Christmas could see two of the world’s most profitable companies surpass the $100 billion dollar milestone in the fourth quarter of 2020.
According to Bloomberg, Amazon and Apple are both in prime positions to report revenue exceeding US$100 billion, an historic number which is rarely seen in Wall Street.
During its results call out last week, ecommerce giant Amazon forecasted a Q4 revenue of $112 billion – $121 billion.
While Apple did not offer a forecast, analysts estimate the iPhone maker will report a revenue of $101.6 billion.
Amazon is still reaping the fruits of a profitable 2020 as the pandemic saw a major shift to online shopping, as well as a massive surge in sales during its Prime Day shopping event.
Apple’s release of the iPhone 12 is understood to be the catalyst behind its plus $1 billion profits.
Jeff Bezos’s Amazon skated very close to $100 billion in sales for Q3 with revenue reaching $96 billion and Apple came closest to this milestone at $90 billion in Q4 2019.
Only very few US companies have managed to report over $100 billion in quarterly revenue. Oil and gas company Exxon Mobil Corp surpassed this mark on several occasions, however not since 2013.
Meanwhile, a third company in the US is also looking to top $100 billion for the holiday season.
Thanks to pandemic shopping, Walmart Inc is set to clock over $130 billion in Q4 sales.
It is unprecedented for three US companies to post revenue of over $100 billion in the same quarter, according to analysts at Bloomberg.