Amazon has reported huge earnings beat across the board on Thursday. The report comes amid the COVID-19 pandemic, which has driven up demand for online shopping.

Amazon shares are up over 70% this year but its stock dropped about 1% in after-hours trading, as fourth-quarter profit estimates came in below Street estimates.

Amazon';s sales grew 37% to $96.1 billion in the third quarter, driven by the heightened demand in the face of the COVID-19 pandemic. Net profit roughly tripled to $6.33 billion.

Amazon CEO, Jeff Bezos in a statement said, "We';re seeing more customers than ever shopping early for their holiday gifts, which is just one of the signs that this is going to be an unprecedented holiday season".

The demand increase as a result of the lockdown, is expected to continue through the holiday season, as Amazon gave revenue guidance in the range of $112.0 billion to $121.0 billion, above analyst expectations of $112.7 billion.

Amazon however, said operating profits are likely going to take a hit in the fourth quarter, as it expects to spend approximately $4 billion on COVID-related costs. It expects its fourth-quarter operating profits to fall between $1.0 billion and $4.5 billion, below the $5.81 billion Street estimate.

Amazon Web Services had $11.6 billion in sales, up 29%, which is in line with Street expectations. Amazon';s "other" segment, which is mostly comprised of its advertising business, reported $5.4 billion in sales, a 51% jump from the year-ago period. Physical store sales, meanwhile, dropped 10% to $3.78 billion.

Amazon';s total employee count grew 50% from last year, and now stands at 1.13 million, the first time it crossed the 1 million mark.