Amazon reported first-quarter sales of $75.5 billion, while operating expenses rose to $71.5 billion. And while Amazon reported a 27% increase in net sales compared to the first quarter of 2019. — and noted that those sales could grow 18% to 28% compared to the second quarter of 2019. — CEO Jeff Bezos revealed to shareholders that Amazon expects to spend some of its second-quarter earnings on its response to COVID-19.

“If you’re an Amazon shareholder, you might want to sit up because we’re not thinking small,” Mr. Bezos said. “Under normal circumstances, in the upcoming second quarter, we expect to make about $4 billion or more in operating profit. But these are not normal circumstances. Instead, we expect to spend all of that $4 billion, and maybe a little more, on costs related to COVID, getting products to customers and keeping employees safe.”

These costs include investment in personal protective equipment, improved cleaning of facilities and “less efficient process pathways” to allow for effective social distancing. Mr Bezos also noted higher wages for hourly teams and “hundreds of millions” for Amazon to develop its own COVID-19 testing capabilities.

"There is a lot of uncertainty in the world right now, and the best investment we can make is in the safety and well-being of our hundreds of thousands of employees," Mr. Bezos said. "I am confident that our long-term shareholders will understand and embrace our approach, and that in fact they would expect no less."

Amazon's share price fell more than 5 percent in after-hours trading after the announcement.

Meanwhile, Apple reported quarterly revenue of $58.3 billion, up 1% from the previous quarter. The company withdrew its second-quarter guidance in March, citing the impact of COVID-19.

"Despite the unprecedented global impact of COVID-19, we are proud to report that Apple grew for the quarter, led by an all-time record in services and a quarterly record for wearables," said CEO Tim Cook. "In this challenging environment, our users rely on Apple products in renewed ways to stay connected, informed, creative and productive."

Apple shares were down more than 2% in after-hours trading.