‘If you’re a shareowner in Amazon, you may want to take a seat,’ Bezos says as he predicts spending any potential operating profit in the second quarter.
Amazon cited restrictions on e-commerce deliveries imposed by India in the ongoing lockdown to stem the spread of Covid-19, as the reason for its business in the world’s fifth-largest economy is the most impacted by the pandemic, even as the American giant recorded a sharp spike in its overall revenue for the first quarter of 2020.
The Indian government’s mandate that e-commerce companies only fulfill orders of essential goods such as groceries during the past five weeks has led to Amazon cutting back on a lot of its offerings in the country, company executives told analysts on Thursday.
Highlights:
- Amazon has forecast that it would spend a massive $4 billion in the second quarter on coronavirus-related expenses.
- Amazon is beneath hearth for its dealing with of workers who’ve publicly criticized working situations.
Most of the adjustments have been put in place already and got here in response to stress over the remedy of staff throughout the pandemic. Amazon is beneath hearth for its dealing with of workers who’ve publicly criticized working situations; it fired six tech workers who took a sick day in protest of Amazon’s remedy of staff, and there was a backlash towards the corporate for reportedly utilizing a warmth map to trace Entire Meals shops which are vulnerable to unionizing.
Even as the world attempts to come to grips with the raging pandemic, Amazon has forecast that it would spend a massive $4 billion in the second quarter on coronavirus-related expenses.
“This includes investments in personal protective equipment, enhanced cleaning of our facilities, less efficient process paths that better allow for effective social distancing, higher wages for hourly teams, and hundreds of millions to develop our own Covid-19 testing capabilities,” Jeff Bezos, founder, and CEO of Amazon said in a statement on Thursday.