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⏱Bezos blows past expectations
Gig economy troubles, and cruises!
Good morning everyone! We hope you enjoy the last day of April (and the workweek!)
0:05- Words matter, a lot
In a press conference yesterday, President Biden’s Labor Secretary Marty Walsh tossed his support behind gig workers, saying, “We are looking at it but in a lot of cases gig workers should be classified as employees... in some cases they are treated respectfully and in some cases they are not and I think it has to be consistent across the board.” As investors caught wind of this sentiment, shares of gig economy companies plummeted, with Uber (-8%), Lyft (-12%), Doordash (-9%), and Grubhub (-3%) all closing in the red.
0:29- Bezos & Co. Boom
Amazon reported earnings yesterday after the close, and demolished expectations as the demand for online shopping continues to increase. The retail giant beat EPS estimates by over 63%, and more than tripled its profits to $8.1Bn for the quarter on revenue of $108Bn, a 44% YoY growth. This comes during one of Bezos’ last quarters as CEO before AWS CEO Andy Jassy takes over in Q3.
In an open letter to cruise companies yesterday, the CDC indicated that they could begin setting sail as early as mid-July for the first time since last year. In addition, the CDC also indicated that they could skip the necessary “test cruises” if the ships were able to attest to a crew that was at least 98% vaccinated and a set of passengers that were 95% vaccinated. Otherwise the ships will need to conduct the “test cruises” and apply for a certificate more than 60 days before the first normal cruise.
1:11- A warning to heed
In the wake of the Ant Group debacle, the Chinese government is looking to set even tighter standards for companies in its regime. Yesterday it sent a letter to 13 large tech companies and banks telling them that they’ll need to adhere to a much together set of regulations in the future. Analysts believe this move is an attempt to not let any one company become powerful enough to challenge the state.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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