Amazon revenue jumps up despite coronavirus crisis
Amazon revenue jumps up despite coronavirus crisis

The world’s largest online retailer Inc. unveiled its earnings report for the first quarter. Its results came as a surprise for market participants. The company's revenue soared by 26% compared to the same period last year, totaling $75.5 billion against $59.7 billion in the first quarter of 2019. At the same time, the company's net profit shrank by 29% to $2.535 billion. A significant drop in the net profit occurred due to an increase in salaries and additional payments to Amazon employees. Moreover, the company built its own testing lab to monitor the health of its staff in order to ensure their safety at the workplace. Amazon plans to spend at least $4 billion in the current quarter to protect employees from the coronavirus and maintain a steady operation. These measures may lead to another decrease in the operating profit of up to $1.5 billion. Amazon has been highly praised for its social responsibility. The retail giant spent a humongous amount of money on testing employees for COVID-19. Each staff member is provided with individual protective equipment. All the premises are disinfected several times a day. Last but not least, Amazon employees receive additional payments. The company has significantly expanded its workforce by hiring 175,000 people in the first quarter.

Published: 2020-05-14 13:53:17 UTC
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