April 30, 2020 / 8:17 PM / 3 months ago

Amazon forecasts second-quarter operating income below estimates

April 30 (Reuters) - Amazon.com Inc on Thursday forecast second-quarter profit below estimates, as the e-commerce company spent more on hiring workers and their pay due to a surge in online shopping during the COVID-19 pandemic.

The company forecast operating income in the range of a loss of $1.5 billion and profit of $1.5 billion for the second quarter. Analysts were expecting operating income of $3.80 billion, according to research firm FactSet.

Amazon's forecast assumes about $4 billion in costs related to COVID-19, the company said. (Reporting by Akanksha Rana in Bengaluru and Jeffrey Dastin in San Francisco; Editing by Vinay Dwivedi)

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