New story in Business from Time: Amazon Says It May Lose Money During Coronavirus as It Increases Spending on Logistics and Worker Safety
New story in Business from Time: Amazon Says It May Lose Money During Coronavirus as It Increases Spending on Logistics and Worker Safety Amazon.com Chief Executive Officer Jeff Bezos normally uses the company’s earnings report to extol the virtues of Alexa or the benefits of Prime. On Thursday, he told investors to hold on tight as his company navigates “the hardest time we’ve ever faced.” The largest U.S. online retailer saw profit shrink and said it may incur a loss in the current quarter as it boosts spending to keep logistics operations running smoothly during the coronavirus pandemic. “Under normal circumstances, in this coming Q2, we’d expect to make some $4 billion or more in operating profit,” Bezos said Thursday in a statement reporting Amazon’s results. “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.” ...
