‘The hardest time we’ve ever faced’:
Amazon revenue surges, but coronavirus
costs may wipe out operating profit
Seattle Times,
by
Benjamin Romano
Original Article
Posted By: Ron_lfp,
5/2/2020 11:44:00 AM
Amazon founder and CEO Jeff Bezos warned the company’s stockholders that Amazon may incur a second-quarter operating loss as it spends at least $4 billion from April through June on its coronavirus pandemic response, including some $300 million to develop its own testing capabilities. (snip) Olsavsky said the majority of the $4 billion in second-quarter spending is related to wage increases — the company has boosted hourly wage floors by $2 through mid-May and increased overtime pay — and productivity losses. The company is also continuing to spend more on personal protective equipment and enhanced facility cleaning
Reply 1 - Posted by:
DVC 5/2/2020 11:47:12 AM (No. 398521)
Awww. Poor billionaire.
Meanwhile my small businessman friend earned $100 last month, and his one employee hasn't worked at all since this lockdown started. I urged him to apply for a loan from the SBA. He can't stay survive on $100 a month.
18 people like this.
Reply 2 - Posted by:
Ribicon 5/2/2020 11:51:59 AM (No. 398526)
The pandemic is among the best things to ever happen to Amazon, second only to Al Gore's creation of the internet. Brick and mortar competitors withering, captive customers buying from home quarantine, the company enjoying preferential rates from the US post office, fuel prices at historic lows...
9 people like this.
Reply 3 - Posted by:
john56 5/2/2020 11:53:40 AM (No. 398530)
Amazon lost money for so many years ... Bezos was enriched by "investors" who puffed up the value of his stock. In some ways, it's a big Ponzi scheme.
7 people like this.
Reply 4 - Posted by:
Lawsy0 5/2/2020 11:57:25 AM (No. 398534)
While those who are waiting for Joe Biden to inhabit the phone booth pictured in today's cartoon, we can use the booth for everybody who gives a RA about Bezos and any funds he ''claims'' to have spent for the virus problem. There should be enough room for a Pity Party until Biden gets there.
6 people like this.
Reply 5 - Posted by:
bad-hair 5/2/2020 12:00:27 PM (No. 398540)
Cry me a river. If you've got a operating profit problem try running a restaurant.
12 people like this.
Reply 6 - Posted by:
worried 5/2/2020 1:13:02 PM (No. 398621)
Well, it seems it just isn't fair to come up with an idea and make a lot of money doing it. Sears and Montgomery Ward, among others, previously tried the same thing and in the end lost out because they blamed it on all the new malls. Now Amazon is doing the same mail order thing, but successfully. Yet many here are complaining about Amazon taking sales from small business. Wake up, people! It happens! Home Depot and Lowes has done the same to many small lumber dealers, yet I don't hear you complaining about them. Just because one doesn't like the owner doesn't mean one can't do business with them. As for me, I will do business with anyone who has what I want. (At a reasonable price!)
4 people like this.
Reply 7 - Posted by:
JHHolliday 5/2/2020 1:39:15 PM (No. 398650)
I wish there were some way to force Amazon to show the origin of every product they sell. I have been trying to do my part in boycotting anything made in China or by a Chinese owned company. Last week I had to have a pre-cancerous lesion taken off my arm. They gave me a spare bandage which I used the other night. Bandage made by McKesson Surgical. Yep, you guessed it. Made in China. We also finally got out to buy our spring planta and flowers. I looked at our pair of snips and.......yep. It's absolutely frightening how much of our manufacturing has been off-shored. Not just off-shored but sent to a mortal enemy of the US.
8 people like this.
Reply 8 - Posted by:
stablemoney 5/2/2020 1:50:54 PM (No. 398659)
I think Amazon could have managed to get by 60 days, except Bezos decided to give everyone a raise, and pay out billions to test his employees. Employees have a natural sick testing body that tells them how they feel, and don't need billions spent on monitoring devices. Bezos has embraced leftism and it will be his ruin. Time for Bezos to retire and go be meaningless with Gates.
3 people like this.
Reply 9 - Posted by:
DARling 5/2/2020 2:30:27 PM (No. 398683)
All of that money spent and their service is slower than Christmas. I have started buying things from smaller online outlets that ship faster. I am not being unreasonable. I ordered an item on April 8th, inquired about the delay after it was not delivered on the 17th as promised, and it was finally shipped yesterday and will be delivered today.
5 people like this.
Isn't Bezos like almost a Trillion-aire? T like in Total Tool!!! Invest some of your OWN money back into your business...Jeff!!! No sympathy here!
2 people like this.
Reply 11 - Posted by:
red1066 5/2/2020 4:30:58 PM (No. 398737)
As I'm typing this, an Amazon truck is driving by my house. Six months ago an Amazon truck didn't even exist. Now I see a half dozen or more everyday just on my eight mile drive to reach the highway. Meanwhile, The guy who has cut my hair for the last forty years, had to lay off 12 employees. He still cuts hair, but it's all done under cover just so he can pay his rent on the building. Park out back, sneak in the back door, blinds closed, with the only one light on over the chair, and pay in cash so there isn't any electronic record of a transaction. All this just to get one's hair cut. It's BS.
6 people like this.
Maybe you shouldn't have gotten a divorce and expected US to replace the loss. Stop whining.
0 people like this.
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Meanwhile Seattle City council wants a tax to punish Amazon for every employee in Seattle. (You tax it, you get less of it.) Now, of course, it is a Wuhan virus tax.