Amazon to invest all $4B in Q2 profit on coronavirus expenses

Amazon’s hotly anticipated earnings report on Thursday turned out to be a dud as the e-commerce juggernaut said it expects to spend $4 billion on coronavirus-related expenses this quarter.

In its first earnings report since the coronavirus crisis hit, Amazon said first quarter revenues soared 26 percent to $75.5 billion as COVID-19 quarantines have sent demand for its shipping services soaring.

But net income of $2.5 billion, or $5.01 per share, fell 30 percent over the year ago quarter amid costs. The company also said it expects to spend virtually all of next-quarter’s operating profit on its frontline workers amid criticisms that its fallen short in protecting them from COVID-19.
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