Amazon reports strong earnings for Q4, but stocks dip due to outlook for the first quarter
1 month, 2 weeks ago

Amazon reports strong earnings for Q4, but stocks dip due to outlook for the first quarter

The Hindu  

Amazon on Thursday reported better-than-expected revenue and profits for the holiday shopping period, but its stocks dipped in after-hours trading due to disappointing guidance for the current quarter. During a call with analysts on Thursday, Amazon CEO Andy Jassy said capital expenditures for the quarter came out to $26.3 billion, most of which was geared towards AI and AWS. “I think both our business, our customers and shareholders will be happy medium-to-long term that we're pursuing the capital opportunity and the business opportunity in AI.” Jassy added during the call that Amazon, like many others, was “impressed” by DeepSeek, the Chinese artificial intelligence company whose chatbot recently became the most downloaded app in the U.S. Amazon's quarterly report comes as the retail industry is absorbing a new 10% tariff President Donald Trump imposed on Chinese imports on Tuesday. Additionally, analysts from Morgan Stanley wrote in a Monday note that Amazon's first-party retail business, though which the company sells products purchased from manufacturers, has the highest exposure to the tariffs.

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History of this topic

Walmart loses crown as biggest retailer after 12 years on top
1 month ago

Walmart loses crown as biggest retailer after 12 years on top

Daily Mail  

Walmart has lost its crown as the biggest retailer after more than a decade. Walmart shares dropped 6 percent in early trading on Thursday off the back of its results, as the big-box retailer said profit growth will slow this year despite sales climbing. While Walmart is still dominant when it comes to retail, Amazon also generates revenue through other …

Amazon shares tank 4% on weakness in cloud computing unit after Q1 forecasts miss Wall Street estimates
Trending News
1 month, 2 weeks ago

Amazon shares tank 4% on weakness in cloud computing unit after Q1 forecasts miss Wall Street estimates

Live Mint  

Amazon, one of Wall Street’s most influential companies, topped analysts’ expectations for earnings at the end of 2024, but its stock nevertheless fell 4%. Amazon.com dipped 3.7% due to weakness in the retailer's cloud computing unit, Amazon Web Services, and lower-than-expected forecasts for first-quarter revenue and profit. Amazon.com eliminated a reference to "inclusion and diversity" in its annual report filed …

Amazon pours fuel on Big Tech spending after DeepSeek panic
1 month, 2 weeks ago

Amazon pours fuel on Big Tech spending after DeepSeek panic

Live Mint  

There’s stepping on the gas, and then there’s flooring it. Amazon didn’t give a precise forecast but said the $26.3 billion of capital spending in the latest quarter was a run rate that will be “reasonably representative" of what the company will spend this year. Microsoft’s quarterly report last week has analysts now expecting total capital spending of nearly $94 …

Amazon reports strong earnings for Q4, but stocks dip due to outlook for the first quarter
1 month, 2 weeks ago

Amazon reports strong earnings for Q4, but stocks dip due to outlook for the first quarter

Associated Press  

Amazon on Thursday reported better-than-expected revenue and profits for the holiday shopping period, but its stocks dipped in after-hours trading due to disappointing guidance for the current quarter. During a call with analysts on Thursday, Amazon CEO Andy Jassy said capital expenditures for the quarter came out to $26.3 billion, most of which was geared towards AI and AWS. “I …

Amazon, king of online retail, can’t seem to make its physical stores work
1 month, 2 weeks ago

Amazon, king of online retail, can’t seem to make its physical stores work

Live Mint  

Amazon.com, the largest e-commerce retailer in the U.S., is stumbling in its efforts to compete in the bricks-and-mortar world. After a decadelong experiment with bricks-and-mortar stores, Amazon’s dominance online has yet to translate into a successful strategy for connecting with shoppers in the real world, retail brokers and landlords said. “Running warehouses and shipping stuff efficiently is not the same …

Amazon.com mulls new multi-billion dollar investment in Anthropic: Report
4 months, 2 weeks ago

Amazon.com mulls new multi-billion dollar investment in Anthropic: Report

The Hindu  

Amazon is in talks for its second multi-billion dollar investment in artificial intelligence startup Anthropic, the Information reported on Thursday, citing a person familiar with the matter. The cloud services giant announced an investment of $4 billion in the OpenAI rival in September last year, saying its customers would gain early access to Anthropic's technology. Amazon has asked Anthropic, which …

Amazon's Profit Margins Take a Hit as AI Spending Soars
4 months, 3 weeks ago

Amazon's Profit Margins Take a Hit as AI Spending Soars

Live Mint  

Amazon's third-quarter report shows strong revenue growth, despite spending heavily on artificial intelligence. The company reported an eye-popping $22.6 billion in capital expenditures, a new high and an 81% jump year-over-year. Despite the spending, Amazon's operating profit came in at $17.4 billion, nearly 19% above analysts' projections. The company's share price jumped more than 5% in after-hours trading Thursday.

Amazon reports boost in quarterly profits, exceeds revenue estimates as it invests in AI
4 months, 3 weeks ago

Amazon reports boost in quarterly profits, exceeds revenue estimates as it invests in AI

The Independent  

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Amazon reports boost in quarterly profits but misses revenue estimates
7 months, 2 weeks ago

Amazon reports boost in quarterly profits but misses revenue estimates

The Hindu  

Amazon reported a boost in its quarterly profits Thursday, but the company missed revenue estimates, sending its stock lower in after-hours trading. Amazon also said it expects revenue for the current quarter, which ends September 30, to be between $154 billion and $158.5 billion — lower than the $158.22 billion forecast by analysts. The company said Thursday that Amazon Web …

Amazon reports boost in quarterly profits but misses revenue estimates
7 months, 3 weeks ago

Amazon reports boost in quarterly profits but misses revenue estimates

Associated Press  

Amazon reported a boost in its quarterly profits Thursday, but the company missed revenue estimates, sending its stock lower in after-hours trading. Amazon also said it expects revenue for the current quarter, which ends Sept. 30, to be between $154 billion and $158.5 billion — lower than the $158.22 billion forecast by analysts. The company said Thursday that Amazon Web …

Amazon set to join Big Tec
7 months, 3 weeks ago

Amazon set to join Big Tec

Live Mint  

By Deborah Mary Sophia July 31 - Amazon.com is expected to join Google and Microsoft on Thursday in reporting a surge in capital spending on artificial intelligence as Big Tech companies rush to capitalize on the booming technology. The e-commerce giant's capital investments - mostly for building cloud and generative AI infrastructure - is expected to have risen 43% in …

Amazon says this year’s Prime Day was its biggest ever
8 months ago

Amazon says this year’s Prime Day was its biggest ever

Associated Press  

NEW YORK — Amazon saw record sales for Prime Day this week as Prime members purchased more items than ever before, the company announced Thursday. The Seattle e-commerce giant, which does not disclose how much it earns during the popular discount event, also said “millions” of customers joined Prime in the past three weeks to take advantage of the discount …

Amazon becomes the 5th U.S. company to reach $2 trillion in stock market value
8 months, 3 weeks ago

Amazon becomes the 5th U.S. company to reach $2 trillion in stock market value

NPR  

Amazon becomes the 5th U.S. company to reach $2 trillion in stock market value toggle caption Jenny Kane/AP NEW YORK — Amazon joined the exclusive $2 trillion club Wednesday after Wall Street investors pushed the value of the e-commerce giant's stock past that threshold. Amazon now joins Google's parent Alphabet, software behemoth Microsoft, iPhone maker Apple and chip maker Nvidia …

Amazon joins exclusive club, crossing $2 trillion in stock market value for the first time
8 months, 3 weeks ago

Amazon joins exclusive club, crossing $2 trillion in stock market value for the first time

Associated Press  

NEW YORK — Amazon joined the exclusive $2 trillion club Wednesday after Wall Street investors pushed the value of the e-commerce giant’s stock past that threshold. Amazon now joins Google’s parent Alphabet, software behemoth Microsoft, iPhone maker Apple and chip maker Nvidia among companies with valuations of at least $2 trillion. Most of the focus has been on business-focused products, …

Amazon reports strong 1Q results driven by its cloud-computing unit and Prime Video ad dollars
10 months, 3 weeks ago

Amazon reports strong 1Q results driven by its cloud-computing unit and Prime Video ad dollars

Associated Press  

NEW YORK — Amazon on Tuesday reported strong results for the first quarter, driven by growth in its cloud-computing unit and new advertising dollars from its Prime Video streaming service. “It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results,” Amazon CEO Andy Jassy said …

Nvidia overtakes Amazon in market value of $1.78 trillion
1 year, 1 month ago

Nvidia overtakes Amazon in market value of $1.78 trillion

Live Mint  

Nvidia Corporation briefly overtook Amazon.com Inc. in market value on Monday, February 12, the latest milestone in a stunning rally over the past year fueled by soaring demand for its chips used in artificial intelligence computing. Track | Our Markets LIVE coverage here Nvidia rose almost 0.2 percent, closing with a market value of about $1.78 trillion. The chipmaker did …

Jeff Bezos offloads $2 billion worth of Amazon shares
1 year, 1 month ago

Jeff Bezos offloads $2 billion worth of Amazon shares

Live Mint  

Jeff Bezos has offloaded Amazon shares worth $12 million this week. Amazon disclosed on 2 February that Jeff Bezos plans to sell as many as 50 million shares of Amazon over the next 12 months, potentially cashing in on a stock surge that’s put him within reach of becoming the world’s richest person. Bezos sold some 12 million Amazon shares, …

Jeff Bezos sells 12 million Amazon shares in first major stock sale since 2021
1 year, 1 month ago

Jeff Bezos sells 12 million Amazon shares in first major stock sale since 2021

Hindustan Times  

Jeff Bezos unloaded 12 million shares of Amazon.com Inc. this week, the first time the billionaire has sold the company’s stock since 2021. Jeff Bezos, founder of Amazon, speaks at the George W. Bush Presidential Center's Forum on Leadership in Dallas, Texas in April. Amazon disclosed on Feb. 2 that Bezos plans to sell as many as 50 million shares …

Amazon and Meta—Nothing Artificial About These Results
1 year, 1 month ago

Amazon and Meta—Nothing Artificial About These Results

Live Mint  

The e-commerce titan and social networking giant both posted strong fourth-quarter results late Thursday. The two beat Wall Street’s consensus targets for both revenue and operating income by wider margins than Microsoft and Google-parent Alphabet did with their respective December quarter reports earlier in the week. The company did manage to beat Wall Street’s projections for its all-important iPhone revenue, …

Meta, Amazon beat expectations with stellar results
1 year, 1 month ago

Meta, Amazon beat expectations with stellar results

Live Mint  

Meta and Amazon on Thursday blew through expectations in their latest quarterly results as Big Tech continued to impress Wall Street. Meta, the tech titan behind Facebook and Instagram, reported a profit of $14 billion in the final three months of last year, beating analyst forecasts as revenue climbed to $40.1 billion in the quarter. Facebook changed its parent company …

Amazon reports better-than-expected revenue, profits for the holiday shopping season
1 year, 1 month ago

Amazon reports better-than-expected revenue, profits for the holiday shopping season

Associated Press  

Amazon on Thursday reported better-than-expected revenue and profits for the fourth quarter, driven by strong consumer spending during the holiday shopping season. In a statement, Amazon CEO Andy Jassy called it a “record-breaking” holiday shopping season for the company, which saw a 14% growth in revenue compared to the same period in 2022. Olsavsky also said he expects AWS to …

Amazon posts strong revenue and profits, says it’s in ‘best position’ it’s ever been before holidays
1 year, 4 months ago

Amazon posts strong revenue and profits, says it’s in ‘best position’ it’s ever been before holidays

Associated Press  

NEW YORK — Amazon on Thursday reported strong revenue and profits from the summer months driven by growth in online sales and its advertising business. “We’re ready to make this a great holiday season for customers,” Olsavsky said, adding Amazon’s operations network and inventory are in the “best position” its ever been heading into the holiday season. Aside from the …

Amazon shares surge 8% as e-commerce and cloud-computing thrive
1 year, 7 months ago

Amazon shares surge 8% as e-commerce and cloud-computing thrive

Hindustan Times  

Amazon.com closed up more than 8% on Friday on signs that its growth engines, e-commerce and cloud-computing, were faring well in an uncertain economy, helping shield the broader market from Apple's 4.8% slide after gloomy iPhone sales. READ HERE: Hurt by iPhone demand slump, Apple faces longest sales drop in decades The better-than-expected performance of Amazon's cloud business in the …

Amazon Q2 earnings 2023: Company beats Wall Street’s estimates
1 year, 7 months ago

Amazon Q2 earnings 2023: Company beats Wall Street’s estimates

Live Mint  

Amazon Q2 earnings 2023: Amazon.com Inc on Thursday reported sales growth and profit that beat Wall Street's expectations as the company delivered goods faster and more cheaply to shoppers while recent cloud-computing headwinds began to subside. Brian Olsavsky, Amazon's chief financial officer, said on a call with reporters that faster speeds have meant Prime loyalty customers are "shopping more often." …

Amazon reports better-than-expected revenue and profits for 2Q, sending its stock higher
1 year, 7 months ago

Amazon reports better-than-expected revenue and profits for 2Q, sending its stock higher

Associated Press  

NEW YORK — Amazon on Thursday posted better-than-expected revenue and profits for the second quarter, sending its stock higher in after-hours trading. Jassy said growth in the cloud business, which had slowed since last year as companies cut back on costs, “stabilized as customers started shifting from cost optimization to new workload deployment.” AWS grew by 12%, slower than 16% …

Amazon said it had its biggest Prime day event ever this year
1 year, 8 months ago

Amazon said it had its biggest Prime day event ever this year

Associated Press  

NEW YORK — Amazon said Thursday it had its biggest Prime day event ever this year. But Amazon touted 375 million items that it says were purchased worldwide by Prime members, who pay $14.99 per month or $139 per year, for different perks including faster shipping. It also said sales growth for independent sellers on Amazon outpaced the company’s retail …

Amazon to surpass Walmart as beauty market leader, says Morgan Stanley
1 year, 9 months ago

Amazon to surpass Walmart as beauty market leader, says Morgan Stanley

Hindustan Times  

From books to cloud computing, Amazon.com Inc. has gone on to dominate many segments over the years. Amazon is set to overtake Walmart Inc. as the biggest US beauty retailer by 2025, analysts led by Simeon Gutman wrote in a research note. While grocery retailers still hold a leading share of about 29% of the US beauty market, their portion …

Amazon Q1 Earnings Beat Estimates Despite Layoffs, Shares See 11 Per Cent Gain
1 year, 10 months ago

Amazon Q1 Earnings Beat Estimates Despite Layoffs, Shares See 11 Per Cent Gain

ABP News  

Amazon's shares experienced an increase of more than 11 per cent following the announcement of first-quarter earnings that exceeded industry estimates. Amazon's AWS cloud unit, which has maintained its lead in the market for over 15 years, experienced a slower growth of 16 per cent during the first quarter compared to the 37 per cent reported in the previous year. …

Amazon cuts 9,000 more jobs, bringing 2023 total to 27,000
2 years ago

Amazon cuts 9,000 more jobs, bringing 2023 total to 27,000

Associated Press  

NEW YORK — Amazon plans to eliminate 9,000 more jobs in the next few weeks, CEO Andy Jassy said in a memo to staff on Monday. The job cuts would mark the second largest round of layoffs in the company’s history, adding to the 18,000 employees the tech giant said it would lay off in January. In the memo, Jassy …

Amazon is taking half of each sale from small-business merchants
2 years, 1 month ago

Amazon is taking half of each sale from small-business merchants

LA Times  

For the first time, Amazon’s average cut of each sale on its online marketplace of third-party sellers surpassed 50% in 2022, according to a study by Marketplace Pulse. “For these small businesses, it’s getting harder and harder to be profitable because they are spending more and more money on Amazon fees,” said Juozas Kaziukėnas, Marketplace Pulse’s founder and chief executive. …

EBay to layoff about 500 staff amid declining sales: CEO
2 years, 1 month ago

EBay to layoff about 500 staff amid declining sales: CEO

Hindustan Times  

EBay Inc. is cutting about 500 employees — or 4% of its workforce — as the e-commerce company continues to face slower consumer spending after a brief pandemic boom. Analysts, on average, expect the San Jose, California-based company will report that revenue fell about 6% to $2.46 billion when it announces holiday-quarter results on Feb. 22. The reductions are in …

Amazon to cut 70% more jobs than previously planned
2 years, 2 months ago

Amazon to cut 70% more jobs than previously planned

Live Mint  

Amazon.com Inc. is laying off more than 18,000 employees — a significantly bigger number than previously planned — in the latest sign that a technology slump is deepening, according to the Wall Street Journal. Amazon.com Inc's job cuts will now impact more than 18,000 roles as part of a workforce reduction it previously disclosed, Chief Executive Andy Jassy said in …

Amazon to slash more than 18,000 jobs in an escalation of cuts
2 years, 2 months ago

Amazon to slash more than 18,000 jobs in an escalation of cuts

LA Times  

The layoff news at Amazon was welcomed by investors. Eliminating 18,000 workers would be the biggest cut yet for tech companies during the current slowdown, but Amazon also has a far bigger workforce than its Silicon Valley peers. At the time the company was planning its cuts in November, a spokesperson said Amazon had roughly 350,000 corporate employees worldwide. The …

Amazon says it had its biggest Thanksgiving shopping weekend
2 years, 3 months ago

Amazon says it had its biggest Thanksgiving shopping weekend

Associated Press  

NEW YORK — Amazon said Wednesday it had its biggest ever Thanksgiving holiday shopping weekend, aided by a record number of consumers looking for deals online amid high inflation. A record 196.7 million people shopped in stores and online during the five-day shopping period that stretched from Thanksgiving to Cyber Monday, 17 million more compared to last year, according to …

Amazon plans to lay off 10,000 employees starting this week, reports New York Times
2 years, 4 months ago

Amazon plans to lay off 10,000 employees starting this week, reports New York Times

The Hindu  

Amazon.com Inc is planning to lay off about 10,000 people in corporate and technology jobs starting as soon as this week, the New York Times reported on November 14, 2022, citing people with knowledge of the matter. The job cuts will focus on the e-commerce giant's devices unit, which houses voice-assistant Alexa, as well as its retail division and human …

Amazon plans to lay off 10,000 people starting this week: Report
2 years, 4 months ago

Amazon plans to lay off 10,000 people starting this week: Report

Live Mint  

Amazon.com Inc is planning to lay off about 10,000 people in corporate and technology jobs starting as soon as this week, the New York Times reported on Monday, citing people with knowledge of the matter. The job cuts will focus on the e-commerce giant's devices unit, which houses voice-assistant Alexa, as well as its retail division and human resources, according …

Amazon Becomes First Publicly Traded Company To Lose $1 Trillion In Market Value
2 years, 4 months ago

Amazon Becomes First Publicly Traded Company To Lose $1 Trillion In Market Value

ABP News  

Amazon Inc. has become the world’s first publicly listed firm to lose a trillion dollars in market value, reported news agency Bloomberg. On Wednesday, the e-commerce and cloud service company’s shares fell by 4.3 per cent, pushing its market value from a record close of $1.88 trillion in July 2021 to about $879 billion. As shoppers reduced their spending in …

Amazon posts weaker-than-expected 3Q revenue, stock tumbles
2 years, 4 months ago

Amazon posts weaker-than-expected 3Q revenue, stock tumbles

Associated Press  

NEW YORK — Amazon returned to profitability over the summer after two consecutive quarters of losses, but its stock fell sharply in after-hours trading due to weaker-than-expected revenue and disappointing projections for the current quarter. The company on Thursday reported revenue for the three months that ended Sept. 30 of $127.1 billion, boosted by Amazon’s Prime Day, a major sales …

Amazon warns costs may eviscerate profits, shares crash
2 years, 4 months ago

Amazon warns costs may eviscerate profits, shares crash

Al Jazeera  

Amazon’s efforts to boost revenues may not pay off as inflation and receding consumer demand bite into profits. Amazon.com Inc has warned that costs might eviscerate its profit for the current quarter, as early holiday marketing does little to boost sales growth while labour and delivery expenses continue to swell. Amazon’s net sales were $127.1bn in the third quarter that …

Amazon freezes corporate hiring in retail business due to slowing sales
2 years, 5 months ago

Amazon freezes corporate hiring in retail business due to slowing sales

India Today  

After Google and Meta, Amazon is adjusting its spending amid rising inflation globally. In a statement to Bloomberg, the company said, "Amazon continues to have a significant number of open roles available across the company". Amazon spokesman Brad Glasser also added, "We have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies …

Amazon posts 2Q loss but revenue tops estimates, stock jumps
2 years, 7 months ago

Amazon posts 2Q loss but revenue tops estimates, stock jumps

Associated Press  

NEW YORK — Amazon on Thursday reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher. It posted a loss of $3.84 billion in this year’s first quarter, its first quarterly loss since 2015, which was also marked by a large Rivian write-down. Some analysts estimate the company generated roughly $4.6 billion in …

Amazon Prime Day comes amid slowdown in online sales growth
2 years, 8 months ago

Amazon Prime Day comes amid slowdown in online sales growth

Associated Press  

Amazon is heading into its annual Prime Day sales event on Tuesday much differently than how it entered the pandemic. Amazon doesn’t disclose Prime Day results, though research firm Insider Intelligence suggests sales could climb to about $12.5 billion in global sales — or 17% over last year -- in part because of the event’s mid-July timing, which compared to …

Amazon to sublease warehouses as online shopping slows
2 years, 9 months ago

Amazon to sublease warehouses as online shopping slows

Associated Press  

Amazon is planning to sublease some of its warehouse space now that the pandemic-fueled surge in online shopping, which helped the e-commerce giant rake in soaring profits in the past two years, has eased. Subleasing allows the company to “relieve the financial obligations associated with an existing building that no longer meets” its needs, Amazon spokesperson Alisa Carroll said. But …

Amazon’s net loss prompts query: Has it built too many warehouses?
2 years, 10 months ago

Amazon’s net loss prompts query: Has it built too many warehouses?

The Hindu  

In recent years, Amazon.com Inc has spent billions of dollars on new warehouses that cut into profits, explaining to investors that it had no choice but to meet ever-rising consumer demand. The world's largest online retailer on Thursday reported $2billion in incremental costs from having excess fulfilment and transportation capacity, a dramatic shift from just two years ago when Amazon …

Amazon’s rout spotlights gloomy forecast for e-commerce stocks
2 years, 10 months ago

Amazon’s rout spotlights gloomy forecast for e-commerce stocks

Al Jazeera  

Etsy, Wayfair and Shopify are hurtling toward earnings reports this week in the shadow of Amazon’s deep selloff. The historic rout in Amazon.com Inc.’s shares last week highlights how difficult the environment has become for e-commerce stocks after their pandemic-driven boom, with investors set for another roller coaster in coming days. Etsy Inc., Wayfair Inc. and Shopify Inc. are hurtling …

Amazon results and outlook fall short as warehouse, fuel costs soar
2 years, 10 months ago

Amazon results and outlook fall short as warehouse, fuel costs soar

The Hindu  

Amazon.com Inc delivered a disappointing quarter and outlook on Thursday as the e-commerce giant was swamped by higher costs to run its warehouses and deliver packages to customers. Still, there were bright spots, like Amazon Web Services, the division that new CEO Andy Jassy ran before taking the company's top job last year. Inflation hits Amazon Net sales were $116.4 …

Amazon results and outlook fall short as fuel costs soar
2 years, 10 months ago

Amazon results and outlook fall short as fuel costs soar

Al Jazeera  

Tech giant is facing a litany of challenges after long-running surge in sales during the COVID-19 pandemic. “This was a tough quarter for Amazon with trends across every key area of the business heading in the wrong direction and a weak outlook for Q2,” said Insider Intelligence principal analyst Andrew Lipsman. Still, there were bright spots, like Amazon Web Services, …

Amazon reports rare quarterly loss as online shopping slows
2 years, 10 months ago

Amazon reports rare quarterly loss as online shopping slows

Associated Press  

NEW YORK — Amazon reported its first quarterly loss since 2015 on Thursday, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup. The ocean of red ink in Amazon’s report came mostly from the company’s accounting for a $7.6 billion loss in value of its stock investment …

More than £100bn wiped off Amazon as shares tumble 10%
2 years, 10 months ago

More than £100bn wiped off Amazon as shares tumble 10%

Daily Mail  

More than £100billion was wiped off the value of Amazon last night as customers cut back spending in light of a cost of living crisis. After another update that rocked Big Tech in the US, shares in the online giant fell 10 per cent after it posted disappointing quarterly results. The slump shaved £113billion off the value of the company …

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