News That Matters

Tag: Amazon

Amazon quarterly profits more than double to $3.6bn

Amazon quarterly profits more than double to $3.6bn

Business
By John-Paul Ford Rojas, business reporter Amazon more than doubled profits in the first quarter thanks to soaring demand for cloud computing and ad services - but forecast a more muted performance for the current period.The online retail giant reported a net income of $ 3.6bn, up from $ 1.6bn in the same period last year, as revenues rose 17% to $ 59.7bn. But its outlook for profits and sales in the second quarter fell short of analysts' expectations. Shares climbed about 1% in after-hours trading on Wall Street.Amazon's online retail sales of $ 29.5bn were up by 10% on the same period last year but it saw greater growth in revenues from third-party merchants paying to sell and advertise through its platform.Revenue from seller services rose 20% to $ 11.1bn w...
Amazon stops selling 'April Fool' Dash buttons

Amazon stops selling 'April Fool' Dash buttons

Technology
Amazon has stopped selling Dash buttons, the "April Fool" product which it believed would make it more convenient for customers to purchase their favourite products.Dash buttons were first launched on 1 April 2015, prompting most people to suspect they were a joke - although there is a long history of companies launching groundbreaking products on that day. But unlike Gmail, Google's free email service with 1GB of storage which was launched on 1 April, 2004, the Dash buttons failed to permanently disrupt the world of retail.They were essentially wifi-connected plastic buttons featuring brand names stuck around the home which could be pressed to immediately reorder a specific product.Costing £4.99 to purchase in the UK, the button's adhesive back allowed it to be mounted on a surface n...
The community that rejected Amazon

The community that rejected Amazon

Business
A day after Amazon announced it would abandon controversial plans to build a new campus in New York City, the neighbourhood selected for the expansion was still in shock.At Manducatis Rustica, an Italian restaurant on the local high street that was established in 1977, people were in mourning.At the closest subway stop, there was a sense of relief. The divided opinions reflected the fierce debate stirred by Amazon's plan, which would have added 25,000 jobs over 10 years to a waterfront district in Queens already grappling with fallout from years of rapid change."From a local standpoint, I'm happy," said Chad Pierce, 35, who has lived in the neighbourhood for nine years."It gives me the feeling I'll be able to live here for anothe...
Amazon forced to pull products in India as new rules bite

Amazon forced to pull products in India as new rules bite

Technology
Amazon has been forced to remove an array of products from its website in India to comply with new regulations. The rules prevent online retailers from selling products through vendors in which they hold an equity stake. The regulations are expected to have a far-reaching impact on India's e-commerce sector, which has drawn billions in foreign investment.Amazon and Flipkart lobbied against the laws which aim to protect small businesses. The changes to foreign direct investment rules, which come into force 1 February, also stop online retailers from making deals to sell exclusively on their platforms. Small retailers in India have long pushed for tougher competition rules, arguing the major players have an unfair advantage.But Amazon and Walmart, which own...
Apple, Microsoft and Amazon could drive the market in the next wave of earnings

Apple, Microsoft and Amazon could drive the market in the next wave of earnings

Finance
The earnings season is about to get a lot more interesting with about a quarter of the S&P 500, nearly half of the Dow Jones Industrials and three of the four biggest companies in the world reporting in the week ahead. Mega-cap tech companies Apple, Microsoft, and Amazon report respectively on Tuesday, Wednesday and Thursday. There will be heavy focus on them, not just because they are the biggest stocks — Microsoft first, then Amazon and Apple fourth — but because they represent growth and have been market leaders. Facebook, the sixth largest stock by market cap, also reports on Wednesday. The bar has already...