Friday, May 1, 2020

Amazon Q1 sales up 26%; to spend entire Q2 operating profit on COVID-expenses

Chain Store Age
Amazon dropped a bombshell with its first-quarter earnings report.

“If you’re a shareowner in Amazon, you may want to take a seat, because we’re not thinking small,” stated CEO Jeff Bezos. “Under normal circumstances, in this coming Q2, we’d expect to make some $4 billion or more in operating profit. But these aren’t normal circumstances. Instead, we expect to spend the entirety of that $4 billion, and perhaps a bit more, on COVID-related expenses getting products to customers and keeping employees safe.” . . . more