Amazon (NASDAQ:AMZN) earnings for first quarter of 2020 have AMZN stock falling after-hours Thursday. This comes after reporting diluted earnings per share (EPS) of $5.01. That’s nowhere close to Wall Street’s estimate of $6.25. However, the e-commerce company’s revenue of $75.45 billion is above analysts’ estimates of 73.61 billion.
Now, let’s take a more in-depth look at the most recent Amazon earnings report.
- Diluted per-share earnings are down 29% from $7.09 during the first quarter of 2019.
- Revenue is sitting up 26% from $59.7 billion in the same period of the year prior.
- Operating income of $3.99 billion is a 10% decline year-over-year from $4.42 billion.
- The Amazon earnings report also has it bringing in a net income of $2.54 billion.
- That’s a 29% drop compared to its net income of $3.56 billion reported in Q1 2019.
Jeff Bezos, founder and CEO of Amazon, said this in the earnings report:
“From online shopping to AWS to Prime Video and Fire TV, the current crisis is demonstrating the adaptability and durability of Amazon’s business as never before, but it’s also the hardest time we’ve ever faced.”
Bezos also goes on to detail some plans for the second quarter of 2020. He notes that the company is expecting to generate $4 billion in operating profit, but it won’t be hanging onto it. Instead, the company will be spending it on costs related to the novel coronavirus.
AMZN stock was down 4.3% after markets closed Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
