This story is available exclusively to Business Insider subscribers.Amazon said on Thursday that it expects to record about $4 billion in COVID-related costs this quarter.
Wall Street appears to have been spooked by the $4 billion estimated cost, as Amazon shares dropped 1% in after-hours even though it reported stellar third-quarter results.Amazon said on Thursday that it expects another $4 billion in COVID-related expenses this quarter. But Amazon CFO Brian Olsavsky clarified during Thursday's earnings call that the $4 billion cost this quarter isn't entirely related to money spent on new initiatives — it also includes more arbitrary costs like "productivity drags" stemming from social distancing and longer breaks.
The increased cost in COVID-related expenses for this quarter appeared to have spooked some investors, as Amazon's stock dropped about 1% in after-hours trading, even though its. Amazon said its fourth-quarter operating profits will fall between $1.0 billion and $4.5 billion, below the $5.81 billion Street estimate, in part due to the COVID-related expenses.
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