Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Leon Neal/Getty Images

Amazon's stock was down nearly 5% in after-hours trading Thursday after the tech giant said that shareholders should expect coronavirus-related costs to eat up all the $4 billion in profits it would expect for Q2.

"If you’re a shareowner in Amazon, you may want to take a seat, because we’re not thinking small."
— Amazon said in a statement

Details: The tech giant says that under normal circumstances it would expect to make roughly $4 billion or more in operating profit, "but these aren’t normal circumstances," the company said.

  • The company missed on earnings per share expectations but beat revenue expectations for the quarter ending in March.

Yes, but: The virus has weighed on Amazon's operating costs, particularly because supply chain disruptions hampered its e-commerce business. Yet its fastest-growing division (advertising) and its highest margin division (cloud) both did well, and despite the logistical challenges, demand was way up for e-commerce.

By the numbers per CNBC:

  • Earnings per share (EPS): $5.01 vs. $6.25 expected by Refinitiv consensus
  • Revenue: $75.45 billion vs. $73.61 billion expected by Refinitiv consensus
  • Amazon Web Services (AWS) revenue: $10.22 billion 

Be smart: "Amazon's huge topline acceleration isn't a complete surprise amid the pandemic's shifting consumer spending in favor of ecommerce and online grocery," says eMarketer principal analyst Andrew Lipsman. 

  • "The bottom-line performance was on the lighter side, but not altogether unexpected in light of the ecommerce business's escalating costs of labor and delivery logistics and shift in mix towards less profitable categories like grocery."

The bottom line: After several consecutive quarters of monster growth, expect a more conservative second quarter from Amazon as the virus crisis weighs on its delivery and ecommerce businesses.

Go deeper

Uber stock drops after Q2 earnings results

Illustration: Sarah Grillo/Axios

Despite beating analyst revenue expectations for Q2, Uber missed earnings predictions and posted an overall drop in its business.

Why it matters: Uber has been hard hit by the coronavirus pandemic as people continue to limit their activities outside the home.

Aug 7, 2020 - Health

Massachusetts pauses reopening after uptick in coronavirus cases

Gov. Charlie Baker at Boston MedFlight Headquarters on Aug. 4. Photo: David L. Ryan/The Boston Globe via Getty Images

Massachusetts Gov. Charlie Baker announced Friday that the state's second phase of reopening is "postponed indefinitely" in response to a modest increase in coronavirus cases.

The big picture: The state is reporting more COVID-19 deaths than most others across the U.S. outside of domestic epicenters like California, or previous hotspots including New Jersey and New York, per a New York Times database.

Updated 17 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: U.S. to mandate vaccines for anyone who crosses borders starting in January — Shots lagged data by months — The next big bottleneck in the global vaccination effort.
  2. Health: The Thanksgiving bouncers — Axios-Ipsos poll: Thanksgiving roulette — Experts criticize CDC's language on vaccine boosters — America's Thanksgiving gamble.
  3. Politics: Biden administration asks appeals court to reinstate vaccine mandate — Michigan recommends face masks for all residents amid surge.
  4. Education: A COVID strategy backfires at schools — Schools across the U.S. offer vaccine drivesBenefits of in-person school outweigh risks, study finds.
  5. World: EU drug regulator recommends Pfizer COVID vaccine for kids — Italy announces new COVID restrictions for unvaccinated people — European health agency urges expanding booster shot access.
  6. Variant tracker: Where different strains are spreading.