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Ecommerce giant Amazon had higher sales than expected, but lost its profits. The company expects large expense outlays during the current quarter due to the corona eruption.
Expectations about the Amazon report were high, as the e-commerce giant has seen huge pressure on demand during the corona eruption.
Amazon had revenue of $ 75.45 billion in the first quarter of the year, which was higher than expected $ 73.74 billion, according to the compilation of analysts from Bloomberg.
The company’s cloud service, Amazon Web Services, accounted for $ 10.22 billion in sales, which was slightly lower than forecast.
Earnings per share were $ 5.01, which was well below expectations of $ 6.27.
The report revealed that Amazon will spend $ 4 billion during the current quarter on costs related to the Corona virus.
Shares fell after the report arrived Thursday night and has lost more than 5 percent as of writing.
So far this year, Amazon has been one of the stock market winners during the crown crisis and has increased in value by more than 30 percent so far this year. At the same time, the company has received criticism from employees and politicians about how they have handled the work environment during the virus outbreak.
Also read: Extreme pressure on Amazon: Bezos 300 billion richer
This article is constantly updated …
