Amazon's profit fell 29% in the first quarter as its costs for shipping millions of packages to home-bound customers rose. But the online retail behemoth said its sales soared as more people opt to shop online during the coronavirus pandemic.
Amazon founder and CEO Jeff Bezos said the company will likely spend at least $4 billion during the second quarter in order to speed up delivery times and buy masks and other protection equipment for workers in its warehouses and Whole Foods supermarkets.
Shares of Amazon.com Inc. fell about 5% in after-hours trading Thursday following the release of the earnings report.
The Seattle-based company reported net income of $2.54 billion in the first quarter, compared with $3.56 billion a year ago. Earnings per share came to $5.01, below the $6.23 analysts expected, according to FactSet.
Revenue rose 26% to $75.5 billion, beating expectations of $73.7 billion.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app