Amazon reports a drop in quarterly profit as higher shipping costs offset sales fueled by online orders from homebound customers
Amazon.com Inc. reported soaring quarterly sales as the company experienced a surge in online orders from homebound customers contending with the coronavirus pandemic.
The tech giant said Thursday that revenue rose 26% from a year earlier to $75.5 billion in the three months through March. The boom in sales came at a cost, though, as profit fell 29% from a year earlier to $2.5 billion, well short of analysts’ average estimate of $3.26 billion, according to a survey by FactSet. Operating profit for the quarter also missed...
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