The pandemic has opened up many new opportunities to develop online software, such as Amazon and Zoom.
Amazon doubled its net profit year over year to $5.2 billion, compared to $2.6 billion at this time in 2019. This impressive figure comes after the company spent over $4 billion on “incremental COVID-19 related costs in the quarter to help keep employees safe and deliver products to customers,” suggesting profit could have more than doubled if not for those expenses.
Since March, Amazon touted that it created 175,000 new jobs. The company said that it committed $27 million toward Black Lives Matter donations, though $8.5 million in grants comes from employees. It also distributed a one-time $500 million bonus among its frontline workers and partners, though Amazon didn’t share exactly how many employees received a prize. Some of the $4 billion in COVID expenses was used to pay higher wages for people working hourly.
Zoom blew past expectations for its first-quarter earnings as the video conferencing company added millions of new users amid the global pandemic.
Revenue came in at $328 million, up 169% year-over-year. Analysts expected revenue of $202 million.