shares are tumbling following the tech giant's first quarter earnings release, which fell short of analyst expectations even as revenue got a coronavirus-induced boost.
. Amazon's revenue surged 26% in the first quarter, beating expectations of a 24% jump, boosted by the coronavirus crisis as people flocked to the site to order items for delivery instead of shopping in-person and risking the virus. It costs more for Amazon to have an uptick in traffic on the site, and the company has also had to spend more due to disrupted supply chains. In addition, Amazon has had to make safety upgrades to warehouses amid the crisis, adding to costs.
"If you're a shareowner in Amazon, you may want to take a seat, because we're not thinking small," Bezos said in a statement.
Oooohhhh 😢
Oh no...that poor man. How ever will someone like Jeff 'Rip-off JK Simmons' Bezos survive?
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »