Shares of the world's largest online retailer fell 5% in after-hours trade. FMTNews Amazon Pandemic Revenue
SEATTLE: Amazon.com Inc on Thursday said it could post its first quarterly loss in five years even as revenue surges because it is spending at least US$4 billion in response to the coronavirus pandemic, including plans to test its workforce for Covid-19.Jeff Bezos, the company’s founder and world’s richest person, said in a statement, “we’re not thinking small”, a sign that the e-commerce company would invest heavily during the pandemic.
Amazon has unsettled investors in the past with heavy spending on cloud data centres, streaming video and voice-controlled gadgets, which often paid off in the form of new businesses. Amazon has rolled out masks and temperature checks to all its US and European warehouses, announced software to monitor for social distancing and taken other measures to ensure it stays operational.Revenue for the first quarter rose 26% to US$75.5 billion, beating analysts’ average estimate of US$73.6 billion according to Ibes data from Refinitiv.
Last month, the number of people who streamed video on Amazon for the first time nearly doubled, Olsavsky said.Still, advertising, a lucrative business in which merchants pay for top placement of their goods on Amazon, was somewhat of a “mixed bag”, Olsavsky said.
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