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Amazon drops After Projecting Shrinking Profits On Billions In Pandemic Costs
Amazon sales surged in the first three months of the year, as the coronavirus lockdown boosted demand for the firm's groceries, online market and cloud computing services.
Sales in the quarter jumped 26% year-on-year and the firm said they could rise another 28% in the next.
But the internet giant warned investors the gains won't translate into profits.
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It said it would spend roughly $4bn (£3.2bn) on coronavirus measures through June.
Q1 EPS of $5.01, missing estimates of $6.27
Q1 Net Sales of $75.5B, smashing estimates of $73.74B
Q1 AWS Net Sales of $10.22BN, missing estimates of $10.3BN, and up +2.7% Q/Q
Q1 Operating Income of $4.0BN, down from $4.4BN a year ago.
In other words, Amazon missed on the bottom line and AWS growth, but beat on revenue. But it wasn't Amazon's solid Q1 earnings that were the focus but rather its outlook that spooked investors, because while the company now expects solid revenue growth in Q2, the midline of its profit guidance (-$1.5BN to +1.5BN) was just $0.0, as the "guidance assumes approximately $4.0 billion of costs related to COVID-19."
Sales between $75.0 billion and $81.0 billion, or up 18% and 28% Y/Y, vs Ext of $77.93BN
Operating income (loss) is expected to be between $(1.5) billion and $1.5 billion, compared with $3.1 billion in second quarter 2019. This guidance assumes approximately $4.0 billion of costs related to COVID-19. Amazon now has a record 840K workers. In any case, after hitting an all time high just before earnings, the stock has since dropped some 5% after hours as investors digest the somewhat gloomy forecast.
That said, this is likely only temporary. As Bloomberg puts it, Amazon shares are falling, "but this is a smart move for Amazon from a public perception standpoint. The company has been under assault from some activist workers and unions who say it is skimping on worker protections and forcing people to risk their loves so customers can get patio umbrellas and other non-essential items during the lockdown."
https://www.bbc.com/news/business-52495958
https://www.zerohedge.com/markets/amazon-slides-despite-stellar-revenues-surge-corona-costs-hammers-projections
MGM shares fall after revenue hurt by shuttered casinos, travel restrictions due to chinavirus pandemic
MGM Resorts International Inc. MGM, -3.60% shares dropped 1.8% in the extended session as the casino operator reported revenue and earnings Thursday hurt by casino closures and travel restrictions at its flagship properties in Asia and the U.S. MGM reported first-quarter net income of $806.9 million, or $1.64 a share, compared with $31.3 million, or 5 cents a share, in the year-ago period. But the company's fattened bottom line was, in large part, due to its real estate of the MGM Grand and Mandalay Bay resorts in Las Vegas. Adjusted for that sale, among other things, losses were 45 cents a share versus earnings of 14 cents a share in the year-ago period. Hurt by shut-down operations in Macau and Las Vegas, among other places, and travel restrictions revenue fell to $2.25 billion from $3.18 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted losses of 15 cents a share on revenue of $2.45 billion. MGM said it temporarily has reduced its dividend to a penny a share that will be paid out on an annual basis but will pay out a last quarterly dividend of $0.0025 per share on June 15. The company said it has roughly $7 billion in cash after a recent debt issue. The sale of the MGM Grand and Mandalay Bay real estate was similar to the sale of its flagship Bellagio casino in Las Vegas last year. MGM stock has fallen 36.8% in the past year, with the S&P 500 index SPX, -0.92% falling 0.2%.
https://www.marketwatch.com/story/mgm-shares-rise-after-revenue-hurt-by-shuttered-casinos-travel-restrictions-due-to-coronavirus-pandemic-2020-04-30
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Vice President Pence Comments to Reporters at General Motors Plant in Indiana
Vice President Mike Pence speaks to reporters after visiting the General Motors plant in Kokomo, Indiana. Topics include China’s responsibility in the coronavirus pandemic and whether Michael Flynn should be pardoned.
https://www.c-span.org/video/?471665-1/vice-president-inclined-michael-flynn-unintentionally-misled
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