01.05.2020 AMAZON Daily Analysis

01.05.2020 AMAZON Daily Analysis

Amazon released their first quarter earning reports on Thursday and of course as expected they made some profits. The company reported earnings of $2.5 billion for the first quarter down from the 3.56 billion from the year ago period but their revenue grew from $59.7 billion to $75.5 billion.The stock had closed at $2474.00 (+4.26%) gaining about 101 points in the process but lost more than 125 points hence erasing the previous days gains. So why was this the case? Well it might have something to do with the fact that the company intends to spend it's entire projected second quarter profits to deal with the covid-19 pandemic. So basically the company is putting the needs of the employees ahead of the shareholders and of course the shareholders aren't entirely happy with this. Many Amazon workers get to deal on the front line and are at risk of contracting the virus and so the company is choosing to value them by setting up an Amazon relief fund. Previously Amazon has had to deal with strikes with regards to this and it's good to see them doing something about it.