Amazon says it's spending $4 billion or more this quarter on COVID-19 including worker protections like testing, right before workers plan to strike
Amazon CEO Jeff Bezos told investors to 'take a seat' as he told them that he's dedicating the entire current quarter's $4 billion profit and then some to COVID-19 related expenses.COVID-19-related worker protection expenses include the creation of its own COVID-19 test, which Amazon's CFO says will cost $1 billion this year.
Meanwhile, some unhappy front line workers across Amazon, Whole Foods as well as Walmart, FedEx, Target and Instacart, are planning to strike on Friday over working conditions.The big news with Amazon's quarterly earnings is not how much money the company has reaped thanks to the COVID-19 epidemic that has made the company an essential source of supplies for millions of homebound citizens: $41.8 billion in net product sales this quarter compared to $34.3 billion in the year-ago quarter.
Bezos listed among those current-quarter expenses a boatload of initiatives to keep employees safe such as enhanced cleaning of facilities and "less efficient process paths that better allow for effective social distancing" which means each warehouse may use less workers and will therefore not be able to fill orders at their typical high-intensity levels.
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