TechBizWebTechBizWeb

    Subscribe to Updates

    Get the latest news about Technology and Business from all around the web..

    What's Hot

    Fitbit’s old-school, OLED-equipped Inspire 3 is down to just $80

    June 10, 2023

    Animoca Brands to Focus on Markets Outside U.S. after SEC Labels Sand Cryptocurrency an Unregistered Security

    June 8, 2023

    Wildfire smoke makes New York air quality worst in the world

    June 7, 2023
    Facebook Twitter Instagram
    • About Us
    • Privacy Policy
    • Guest Post
    • Terms
    • Contact
    Facebook Twitter Instagram
    TechBizWebTechBizWeb
    Subscribe
    • Home
    • Technology

      Fitbit’s old-school, OLED-equipped Inspire 3 is down to just $80

      June 10, 2023

      Walmart’s taking a rare $20 off of a set of four AirTags

      June 1, 2023

      The M1 Pro 16-inch MacBook Pro with 1TB of storage is $800 off today

      May 22, 2023

      Google, how do I ask your AI the right questions?

      May 14, 2023

      Where to preorder The Legend of Zelda: Tears of the Kingdom

      May 6, 2023
    • Business
    • Cyber Security

      Hackers exploit bug in Elementor Pro WordPress plugin

      June 2, 2023

      15 million public-facing services vulnerable to CISA KEV flaws

      May 23, 2023

      HP to patch critical bug in LaserJet printers within 90 days

      May 15, 2023

      Hackers can open Nexx garage doors remotely, and there’s no fix

      May 7, 2023

      Microsoft April 2023 Patch Tuesday fixes 1 zero-day, 97 flaws

      April 29, 2023
    • Blockchain
    • Vulnerabilities
    • Social Engineering
    • Malware
    • Cyber Security Alerts
    TechBizWebTechBizWeb
    Home»Business»Amazon shares plummet after dismal holiday sales forecast
    Business

    Amazon shares plummet after dismal holiday sales forecast

    October 27, 2022Updated:October 27, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Amazon issued bleak revenue forecasts for the remainder of the year, sending its stock price tumbling as much as 20 per cent in after-hours trading on Thursday.

    The ecommerce and cloud group said it expected revenue of between $140bn-$148bn for the October to December period, which encompasses the crucial holiday shopping period. Investors had been expecting more than $155bn, according to data from S&P Capital IQ.

    Amazon projected that operating income in the current quarter could be between zero and $4bn, versus analysts estimates of $5bn.

    The results are the latest in a bruising year for the company’s traditional core business of selling products online and getting them to customer’s doorsteps. Quarterly revenue for Amazon’s online store had been declining since the end of 2021.

    Revenue in the third quarter came in at $127.1bn, up 15 per cent on the same period last year, but slightly softer than Wall Street’s expectations.

    Amazon’s net income fell year-on-year to $2.9bn compared with $3.2bn a year ago and included a $1.1bn boost in non-operating income from its stake in electric vehicle maker Rivian.

    Its stock price had already fallen by 35 per cent since the start of the year before Thursday’s stock price plunge, reflecting a broader market downturn.

    Amazon’s results were the latest in a dismal week for Big Tech stocks, as macroeconomic pressures such as inflation weighed on the sector. “This is uncharted waters for a lot of consumers’ budgets,” said Brian Olsavsky, Amazon’s chief financial officer.

    Chief executive Andy Jassy said he had been “encouraged by the steady progress we’re making on lowering costs in our stores fulfilment network”.

    But he added: “There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets.”

    Amazon’s cloud business, which for much of the year has partially counteracted poor performance in retail, saw worse than expected revenue growth and lower margins. Cloud revenue for the quarter was $20.54bn, up 27.5 per cent year-on-year. It was the first quarter that figure has fallen below 30 per cent since the end of 2020, and below analysts’ estimates.

    The unit had suffered from businesses looking to cut variable costs, Olsavsky said.

    “We started to see a lot customers cutting their bills, which we’re glad to help with,” he said. “It’s impacting the short-term growth rates.”

    While not announcing a large-scale hiring freeze or sweeping cuts, Amazon has slowed hiring in some units, and in recent weeks moved to close underperforming or experimental projects, such as its delivery robot concept, Scout.

    Olsavsky said the company had become “very careful” in its corporate hiring. “We are preparing for what could be a slower growth period. We certainly are looking at our cost structure and areas where we can save money.”

    It has also reined in logistics costs after executives admitted earlier this year they had overexpanded on warehouse leases and other infrastructure investments.

    However, spending has continued apace in its priority areas, such as acquiring sports and entertainment content for its Prime Video service, and building out its healthcare operation. In July, Amazon announced it would acquire primary care provider One Medical in a deal worth $3.9bn.

    The disappointing results are set to cap off a suboptimal first full year in charge for Jassy, who took over from founder Jeff Bezos in July 2021, as Amazon’s challenges were seemingly coming to a head.

    “The probabilities in this economy tell you to batten down the hatches,” Bezos tweeted earlier this month.

    Earlier on Thursday, Amazon ecommerce rival Shopify beat analysts’ expectations, posting a 22 per cent rise in revenue, year-on-year, for the third quarter.

    Shares of the Canadian group, which provides a software platform for online retailers, jumped by 17.3 per cent on Thursday, despite warnings that a strong dollar and other macroeconomic pressures would be a drag on consumer spending.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Wildfire smoke makes New York air quality worst in the world

    June 7, 2023 Business

    Democrats and Republicans confident they can pass deal to avert US default

    May 29, 2023 Business

    Salman Rushdie says he is writing book about near-fatal knife attack

    May 20, 2023 Business

    Imran Khan, the Pakistani politician taking on the army

    May 12, 2023 Business

    Oaktree Capital’s Howard Marks to undergo cancer treatment

    May 4, 2023 Business

    Joe Biden steps up commitment to South Korean nuclear defence

    April 26, 2023 Business
    Editors Picks

    Animoca Brands to Focus on Markets Outside U.S. after SEC Labels Sand Cryptocurrency an Unregistered Security

    June 8, 2023

    Wildfire smoke makes New York air quality worst in the world

    June 7, 2023

    Malicious Actors Exploit CVE-2023-27350 in PaperCut MF and NG | CISA

    June 5, 2023

    Idaho hospitals working to resume full operations after cyberattack

    June 4, 2023
    Trending Now

    People’s Republic of China State-Sponsored Cyber Actor Living off the Land to Evade Detection | CISA

    By techbizweb

    Study tests the potential of two quantum machine learning algorithms for malware classification

    By techbizweb

    New hyperactive phishing campaign uses SuperMailer templates: Report

    By techbizweb

    https://www.nationalsportsacademy.com

    slot gacor hari ini

    http://www.inadesfo.org/

    http://www.eueomgbissau.org/

    http://www.congo-mai-mai.net/

    http://www.angelesdelafrontera.org/

    http://fifaworldcup2018schedule.com/

    http://tony4gtrmcr.co.uk/

    http://www.standrewsagreement.org/

    http://www.bob-russell.co.uk/

    http://davidmulholland.co.uk/

    http://railwayhotelenniskillen.com/

    http://www.fantasysportstrades.com/

    http://www.rainleaf-flooring.com

    http://mothersagainstguns.org/

    http://ma-coc.org/

    slot online

    http://www.paradoxmag.com/situs-judi-slot-online-gampang-menang-2021/

    http://www.paradoxmag.com/situs-judi-slot-online-terbaru-2021/

    http://slot-terbaru.net/

    Slot Gacor

    Slot Online

    Situs Slot Gacor

    http://www.appdexterity.com/

    https://cars4kids-deutschland.de/

    https://www.stretchingculture.com/

    https://www.b-123-hp.com/slot-gacor/

    https://denzstaffing.nl/

    https://ezbbqcooking.com/slot-gacor/

    https://www.mbahelp24.com/slot-gacor

    https://minhtanstore.com/slot-jackpot-terbesar/

    https://njbpusupplierdiversity.com/slot-gacor-gampang-menang/

    https://www.floridaspecialtycropfoundation.org/slot-gampang-menang/

    https://childrenscornerpreschool.org/slot-gacor-gampang-menang/

    https://cryptoquoter.com/slot-online-terbaik/

    https://alorkantho24.com/slot-gacor/

    https://ellas.xyz/slot-gacor/

    https://it.dougamatome.xyz/slot-online/

    https://www.daltercume.com/slot-gacor/

    https://josi-ana.dougamatome.xyz/slot88/

    https://josi-ana.dougamatome.xyz/slot-gacor/

    https://fastobserver.com/slot-jackpot-terbesar/

    https://www.planetexperts.com/slot-gacor/

    https://bfsolution.group/slot-bet-kecil/

    https://rustleva.co/slot/

    https://bfsolution.group/slot-bet-kecil/

    https://www.hotelcalimareal.com/togel-online/

    https://anime-game.dougamatome.xyz/slot-gacor-gampang-menang/

    https://anime-game.dougamatome.xyz/togel-online/

    https://bourbonbarrelfoods.com/slot/

    http://suneo39.wp.xdomain.jp/slot/

    https://techbizweb.com/slot-gacor/

    https://www.generalcatalyst.com/18-daftar-slot-gacor-terbaik-gampang-menang-jackpot-hari-ini/

    https://www.hotelcalimareal.com/slot-online/

    https://www.blockgates.io/slot-gacor/

    https://l12.com.br/slot-gacor/

    slot paling gacor

    https://www.donalds-hobby.com/slot-online/

    https://thecryptodirt.com/slot-gacor-hari-ini/

    http://iseta.edu.ar/aulavirtual/app/upload/users/1/1205/my_files/sbobet.html

    http://escuelavirtual.mincit.gov.co/app/upload/users/1/194/my_files/slot.html

    https://www.dev.medecinesfax.org/courses/JUDICASINO/document/slot.html

    http://www.e-archivos.org/cursos/courses/JUDICASINO/document/slot-gacor.html

    http://iesma.com.br/ead/main/upload/users/4/447/my_files/slot.html

    https://www.fundacoop.org/chamilo/app/upload/users/1/1185/my_files/slot.html

    https://fata-aatf.org/eskola/main/upload/users/3/31/my_files/slot.html

    https://uancv.edu.pe/ofinvestigacion/app/upload/users/3/328/my_files/slot-terlengkap.html

    https://micost.edu.my/EL/app/upload/users/2/209/my_files/slot-gacor.html

    https://www.academiacoderdojo.ro/elearningdev/app/upload/users/2/2442/my_files/slot-online.html

    http://campus-cidci.ulg.ac.be/courses/JUDICASINO/document/slot-termurah.html

    https://www.escueladerobotica.misiones.gob.ar/aula-ste/courses/LIVECASINO/document/slot-tergacor.html

    http://ccdipeepccqqfar.usac.edu.gt/chamilo/app/upload/users/3/358/my_files/slot-online.html

    https://cunori.edu.gt/campus/app/upload/users/7/7334/my_files/slot-online.html

    http://u-rus.com.ar/aula/app/upload/users/1/1322/my_files/slot.html

    http://icrodarisoveria.edu.it/chamilo/app/upload/users/1/1855/my_files/slot.html

    https://iestpliliagutierrez.edu.pe/clarolgm/courses/CASINO/document/slot.html

    http://pva.cobach.edu.mx/app/upload/users/7/7379/my_files/slot.html

    http://www.imb-pc-online.edu.gt/PL/app/upload/users/3/373/my_files/slot.html

    http://avcs.upeu.edu.pe/main/upload/users/3333/my_files/slot.html

    https://chamilo.fca.uas.edu.mx/app/upload/users/1/11186/my_files/slot-online/

    TechBizWeb
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    • Guest Post
    • About Us
    • Privacy Policy
    • Our Authors
    • Terms and Conditions
    • Contact
    © 2023 Tech Biz Web. Developed by Sawah Dev.

    Type above and press Enter to search. Press Esc to cancel.