Amazon profit tumbles despite rise in sales amid lockdown, here’s why

NEW YORK: Amazon’s sales soared in the first three months of the year, as more home-bound people shopped online amid the coronavirus pandemic.

But getting millions of packages to shopper’s doorsteps is expensive. The rising costs pushed Amazon’s first-quarter profit down 29% and its earnings missed Wall Street expectations. Amazon shares slipped about 5% in after-hours trading Thursday. And CEO and founder Jeff Bezos says Amazon will spend more.