‘If you’re a shareowner in Amazon, you may want to take a seat’ — Amazon reports earnings, plans to spend all Q2 profits on coronavirus response.
Wall Street had been anticipating earnings per share of $6.25 on revenue of $73.61 billion, based on Refinitiv consensus estimates. Amazon Web Services revenue was expected to come in at $10.33 billion, based on FactSet estimates. However, it's difficult to compare reported earnings to analyst estimates for Amazon's first quarter, as the coronavirus pandemic continues to hit global economies and makes earnings impact difficult to assess.
Some of the $4 billion will also fund higher wages for workers, personal protective equipment , better cleaning protocols at facilities and "less efficient process paths" that will allow for social distancing. Olsavsky told CNBC Amazon saw a big spike in grocery sales. Physical store sales were up 8% year-over-year in the first quarter, which Olsavsky said was mostly in March after previously seeing growth around 1% per quarter.
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