Amazon’s January-March quarter profit declined by 29 percent due to the lockdown. The company’s net profit for the quarter was $ 2.54 billion. It was $ 3.56 billion in the year-ago period. However, the company’s sales have increased during these three months. Online shopping has increased due to the lockdown implemented in many countries of the world to prevent the spread of coronavirus infection. But the cost of the company also increased due to online delivery between lockdowns. Due to which there has been a decline in profits.
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The company has said that its revenue has jumped 26 percent in the March quarter. Amazon CEO and founder Jeff Bezos have said that the company will spend around $ 4 billion in the second quarter of 2020, from April to June. He told that this expenditure will be in the payment of overtime to the employees, sanitation works and security arrangements related to coronavirus.
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Apart from this, Brian Olasavsky, Chief Finance Officer of Amazon said, The company has hired one lakh 75 thousand people to ensure timely delivery of customer orders. The company is also giving an additional payment of 2 dollars per hour to these employees. However, Bryan said that when the delivery process returns to normal, nothing can be said about it.
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