Amazon.com, Inc. (NASDAQ: AMZN) today announced its first quarter financial results for the period ended March 31, 2020.
First quarter net income was $2.5 billion, or $5.01 per share, compared with net income of $3.6 billion, or $7.09 per share in first quarter of 2019.
Net sales increased 26% to $75.5 billion.
Shares down nearly 5% during the after hours following the earnings announcement.
If you’re a shareowner in Amazon, you may want to take a seat, because we’re not thinking small. Under normal circumstances, in this coming Q2, we’d expect to make some $4 billion or more in operating profit. But these aren’t normal circumstances. Instead, we expect to spend the entirety of that $4 billion, and perhaps a bit more, on COVID-related expenses getting products to customers and keeping employees safe. 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.
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