Amazon first-quarter profits dip as it warns of $4bn coronavirus costs

Bezos, Jeff

Amazon has reported in a decline in first-quarter profits and warned that earnings in its second quarter will be completely wiped out by costs related to coronavirus.

The etail titan said operating income dropped 9% to $4bn in the three months to March 31.

Net sales jumped 26% to $75.5bn during the same period as consumers across the globe bought more online during the pandemic. Stripping out what Amazon called the “unfavourable” impact of currency exchange rates, sales were up 27%.

Amazon boss Jeff Bezos said the business would make at least $4bn in operating profit during its second quarter “under normal circumstances”.

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