Andy Jassy News

Amazon is adding $1.4 billion to a fund it established three years ago for preserving or building more affordable housing in regions where the company has major corporate offices

An administrative law judge has ruled that Amazon CEO Andy Jassy violated labor law by making certain anti-union comments during media interviews two years ago

Ecommerce titan Amazon on Tuesday said profit in the first three months of 2024 tripled as its cloud, ads, and retail businesses thrived. Amazon shares were up about one percent in after-market trades that followed release of the earnings figures, with Wall Street keeping a close eye on the impact of AI as well as costs involved.

Amazon has reported strong results for the first quarter

The Seattle Kraken will move their games to an over-the-air broadcaster and have a streaming partnership with Amazon’s Prime Video beginning with the 2024-25 season

Amazon is adding artificial intelligence visionary Andrew Ng (EE-ng) to its board of directors

Amazon is removing Just Walk Out technology from its Amazon Fresh stores as part of an effort to revamp the grocery chain

Amazon Seller Services, the entity that runs the Amazon marketplace in India, said its US parent infused Rs 830 crore into the company. Amazon Seller Services said it allotted 830 million equity shares to Amazon Corporate Holdings Ltd and Amazon.com.inc as part of the fund infusion.

Amazon.com beat fourth-quarter revenue expectations on Thursday as new generative AI features in its cloud and ecommerce businesses spurred robust growth during the critical holiday period, sending its shares up eight per cent after the market close.

Haven’t ordered any of your holiday gifts yet

Target and Amazon are all-in on the shipping wars, a move retail experts say will help them maintain a competitive edge against low-cost Chinese retailers Shein and Temu. For Walmart and Target, their investments are also aimed at narrowing the gap in delivery speed with Amazon, which has set the standard for fast shipping and remains the king of speed. Amazon packages have been arriving at the doors of Prime customers even faster this year under the company's new distribution model, which divides the country into eight regions and predominantly ships items from warehouses in those areas. The idea, according to Amazon, is to get shipments to travel shorter distances with fewer touchpoints, which helps the company not only speed up deliveries but also cuts down on costs.

Alexa assistant, according to a memo sent to employees on Friday. Daniel Rausch, an Amazon vice president who leads teams working on Alexa and the company’s Fire TV streaming franchise, said the company was “shifting some of our efforts to better align with our business priorities," including focusing on building capabilities powered by generative artificial intelligence. “These shifts are leading us to discontinue some initiatives, which is resulting in several hundred roles being eliminated." Rausch didn’t specify which initiatives would be eliminated.

Amazon. Moreover, the report highlights that customers on Amazon can also opt for a financing scheme and finish the complete process of transaction. The customer can also choose to get their cars delivered at their address or they can visit a nearby dealership to get their car models.

(Spells out AGI in Paragraph 5)

By Greg Bensinger

By Arriana McLymore

Amazon on Thursday reported strong revenue and profits from the summer months driven by growth in online sales and its advertising business

Amazon.com rose 7% on Friday on a pick up in growth at its most profitable cloud business as it aims for a larger share of the booming artificial intelligence market in a race with Microsoft. The ecommerce giant was on track to add almost $90 billion to its market capitalization based on its last traded share price of $128. Smaller cloud rival Microsoft rose 1.5%, while Alphabet was down about 1.3%.

Investing.com — Amazon shines with its third-quarter earnings, helping push Wall Street into a positive close to the week. The Fed's favorite gauge is due later in the session, while crude prices gain on elevated Middle East tensions. Next week's Bank of Japan meeting also looms large. 

Also Read: Mastercard Q3 results: Revenue up 14% at $6.5 billion, Q4 growth forecast cut “We had a strong third quarter as our cost to serve and speed of delivery in our Stores business took another step forward," said Amazon chief executive Andy Jassy, adding its ad business grew “robustly" and AWS cloud computing business “continued to stabilize." (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Amazon Web Services’ revenue was at $23.1 billion, compared with analysts' expectations of $23.09 billion. The cloud unit’s operating income was at $6.98 billion, about $1.3 billion more than analysts’ expectations.

Amazon on Thursday reported strong revenue and profits from the summer months driven by growth in online sales and its advertising business. For the three months that ended on Sept. 30, the company said it earned $143.1 billion in revenue, a 13% increase compared to the same period last year. Amazon made $9.9 billion in profits, topping analysts' expectations and sending its stocks higher in after-hours trading.