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As coronavirus ruined the US economy, these companies reaped 'dramatic profits,' study says

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The study noted that the firms that have done extraordinarily well commercially amid the pandemic have tended to make or provide essential goods and services such as Internet communications and key medicines.

"The COVID-19 pandemic has exposed deep inequalities and massive failures in our economic system, leaving tens of millions of people in the United States without jobs, devastating public services, and bankrupting countless small businesses," said Irit Tamir, director of the private sector department at Oxfam America.

The study noted that the firms that have done extraordinarily well commercially amid the pandemic have tended to make or provide essential goods and services such as Internet communications, key medicines and diverse consumer products. The market capitalization of Moderna, a U.S. pharmaceutical firm viewed as a strong contender to produce a COVID-19 vaccine, has more than tripled since February to almost $32 billion, according to a manual calculation using its share price.Still, by contrast, small U.S. companies have reported that their earnings have halved in the first quarter of 2020, with analysts expecting these small firms to lose a stunning 85% in profits in the second quarter, according to Oxfam.

Oxfam further found that in 2020 the top 25 most profitable U.S. corporations are set to distribute 99% of net profits to shareholders who are overwhelmingly white and predominantly male, further exacerbating existing inequalities.Oxfam's analysis estimates that 9 out of every 10 dollars of"pandemic profits"

will end up with white Americans in 2020. Black and Latinx families – already disproportionately affected by COVID-19 – will receive only 16 cents each.

 

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Good

Thanks Mr. Obvious- money well spent on your study

I'm pretty sure those masks aren't stopping you from breathing in and exhaling air.

Duh. Great reporting.

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