Amazon Forecasts Second-quarter Operating Income Lower Than Forecast

Amazon.com Inc on Thursday forecast lower-than-forecast second-quarter earnings as the e-commerce company spent more on hiring workers and wages due to an increase in online shopping during the COVID-19 pandemic.
The company forecast operating profit in the range of a loss of $ 1.5 billion and profit of $ 1.5 billion for the second quarter.
Analysts had expected an operating profit of $ 3.8 billion, according to research firm FactSet.
Amazon’s forecast assumes about $ 4 billion in COVID-19-related costs, the company said.

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