The 41st annual Forbes 400 list of Richest Americans was released Tuesday and even the extremely wealthy have been hit by the sagging economy with the group collectively 11% poorer than a year ago.
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Amazon expects the COVID-fueled shopping frenzy to continue
Matt Day, Bloomberg News VIDEO SIGN OUT
Amazon.com Inc., which benefited from a surge in online shopping during the pandemic, expects the trend to continue even as consumers get back to work and resume the vestiges of normal life.
This time a year ago, Amazon Chief Executive Officer Jeff Bezos warned investors that the spread of COVID-19 was going to be costly, in new facilities to meet demand from homebound shoppers and precautions to keep its operations running safely. Amazon hired hundreds of thousands of workers and continued to open warehouses at a rate of one every 24 hours.
This time a year ago, Amazon Chief Executive Officer Jeff Bezos warned investors that the spread of Covid-19 was going to be costly, in new facilities to meet demand from homebound shoppers and precautions to keep its operations running safely. Amazon hired hundreds of thousands of workers and continued to open warehouses at a rate of one every 24 hours.
Quarterly results released on Thursday show those big bets continue to pay off. The pandemic has supercharged the retailer’s business, enabling the Seattle-based company to more profitably deliver packages, cloud-computing services and streamed movies.
First-quarter revenue jumped 44% to $108.5 billion and earnings were a record $15.79 a share, exceeding analysts’ estimates. For the quarter ending in June, Amazon projected sales between $110 billion and $116 billion, also better than Wall Street expected.