Amazon’s strong first-quarter sales, Jeff Bezos issued a warning: next quarter’s operating profits would fall as the firm covid-proofs its e-empire. No bonanza for shareholders, then. Ditto for much of the s&p 500. Nearly all its firms have now reported their quarterly results. Because America Inc locked down in mid-March, these do not reflect the pandemic’s toll.
Few ceos have been as blunt as Mr Bezos about what comes next; 45% have suspended or revised guidance. Analysts expect profits to fall by 20% this year. The futures market is pricing in large cuts to s&p 500 dividends in 2020 and 2021. The bouncy stockmarket—not so much.This article appeared in the Business section of the print edition under the headline "America’s profit warning"
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