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Amazon reported its first-quarter earnings after the bell yesterday, revealing the pandemic’s impact on the business that has been a rare bright spot on the stock market. The stock fell about 5% after hours after missing estimates on earnings while generating just over $75bn in revenue during the quarter.  “If you’re a shareowner in Amazon, you may want to take a seat, because we’re not thinking small,” Amazon said in the press release. “Under normal circumstances, in this coming Q2, we’d expect to make some $4 billion or more in operating profit. But these aren’t normal circumstances.” (CNBC)

 

Boeing has said it doesn’t plan to seek federal aid after raising a whopping $25 billion in a bond offering, the company’s biggest debt sale ever, as it faces what it expects to be a multi-year slump in air travel.  Boeing has scrambled to shore up liquidity and recently drew down a nearly $14 billion loan.  The seven-part offering, which includes bonds that won’t be redeemed until 2060, was oversubscribed and attracted better pricing than might have been expected for a company with Boeing’s credit rating and challenges.  (WSJ)

 

Apple Inc. AAPL 2.11% reported a slight uptick in revenue for its latest quarter even as the coronavirus shut down factories and dented sales in China, as the tech giant’s growing services business offset declining iPhone sales.  The company said revenue rose 1% in its fiscal second quarter to $58.3 billion, with iPhone sales momentum stalling after Apple closed stores, first in China and then world-wide. Profit fell about 3% to $11.25 billion.  In the face of historic economic uncertainty, Apple declined to project sales for its current quarter for the first time since it began providing concrete revenue guidance in late 2003. (FT)

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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