⏱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.

0:47- Cruising back to normalcy?

• 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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