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Grabango, a venture-backed startup that was vying to take on Amazon in cashierless checkout technology, is shutting down after it was unable to raise enough money to stay afloat. Based in Berkeley, California, Grabango was seen as one of the primary rivals to Amazon's cashierless checkout offering, called Just Walk Out. Amazon in April pulled its cashierless checkout technology from its U.S. Fresh stores and Whole Foods supermarkets. Glaser said Grabango eschewed shelf sensors in favor of computer vision which put it on a path for "widespread adoption." WATCH: Amazon is making a big bet on selling its cashierless tech to outsiders
Persons: Grabango, Will Glaser, Grabango's, Peter Thiel's, Glaser, Axios, CNBC's Ari Levy Organizations: CNBC, longtime, LinkedIn, Commerce Ventures, Fund, Unilever, Honeywell, Aldi, Amazon, Foods Locations: U.S, Berkeley , California
Dave Clark, Amazon 's former CEO of global consumer, who briefly helmed logistics company Flexport, is returning to the startup world. Prior to Flexport, Clark developed a storied reputation during his 23 years at Amazon as the architect of its mammoth logistics network. In 2020, Amazon tapped Clark to head its core retail business after longtime executive Jeff Wilke left the company. Clark joined Flexport to bring what he had built at Amazon to "small businesses and other businesses around the world." He left the startup feeling there was still a gap in the market for supply chain tools, and began to develop the idea behind Auger.
Persons: Dave Clark, Clark, Franken, Ryan Petersen, Petersen, Clark overspent, Flexport, Jeff Wilke, Auger Organizations: Excel, CNBC, Amazon, Amazon's, Flexport
The company launched its first Amazon Go convenience store featuring a new kind of technology, called "Just Walk Out." In 2020, the company began licensing Just Walk Out technology to third parties, signing on retailers in stadiums, airports and hospitals. The company discontinued some of its retail chains, closed eight Amazon Go stores, and hit pause on new Fresh store openings. While it's no longer featuring Just Walk Out as prominently in its own stores, Amazon says it has inked deals with a growing list of customers. Amazon in July updated the AI system behind its Just Walk Out technology to handle all the inputs in a store simultaneously.
Persons: Jeff Bezos, Charlie Rose, Bezos, Andy Jassy's, It's, Jordan Berke, Berke, Walmart's, Jon Jenkins, Jenkins, Amazon's, CNBC Jenkins Organizations: Amazon, Foods, Anadolu, Getty, Bloomberg, Walmart, Kroger, Target, CNBC Locations: San Mateo , California, United States, China, Seattle , Washington, Amazon's Seattle
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Amazon is selling its cashierless tech to outsiders after removing it from its own U.S. storesWhen Amazon first launched its "Just Walk Out" cashierless checkout solution in 2018, analysts say it had the potential to revolutionize retail. But in April, Amazon pulled the tech from Whole Foods and its U.S. line of Fresh grocery stores. Instead, Amazon focused on selling it to outsiders and installed it in 200 third-party stores in NFL stadiums, arenas, colleges, airports and more. CNBC got the first on-camera tour of the lab used to develop the tech and its new "multi-modal" AI system.
Organizations: Amazon, Foods, CNBC
The sender said Sanford, who lives in Springfield, Missouri, would only only be safe if he removed a negative online review. Months earlier, Sanford had left a scathing review for an e-commerce "automation" company called Ascend Ecom on the rating site Trustpilot. The FTC is seeking monetary relief for Ascend customers and to prevent Ascend from doing business permanently. The FTC has also pledged to go after companies that try to suppress negative reviews online as part of new rules issued this year targeting fake reviews. Formed in 2021, Ascend has done business under several entity names with operations registered in states including Texas, Wyoming and California.
Persons: Jamaal Sanford, Sanford, it's, Will Basta, Jeremy Leung Organizations: Federal Trade Commission, FTC, YouTube Locations: Robbinsville , New Jersey, Russian, Springfield , Missouri, dropshipping, Texas , Wyoming, California
A shopper searching for Aerie products on Google will see sponsored and organic links to Amazon's website, the lawsuit says. Clicking on a link leads to an Amazon webpage that "displays only knock-offs and 'dupes'" of Aerie products, including sweatshirts and exercise shorts, American Eagle alleges. "These statements are patently false because customers cannot shop for Aerie products on Amazon." Many of the alleged Aerie knock-offs referenced in the lawsuit are sold by third-party sellers on Amazon's online marketplace. American Eagle is seeking an injunction and financial damages based on Amazon's alleged trademark infringement.
Persons: Arie, It's, Birkenstock, didn't Organizations: Eagle Outfitters, Amazon, Eagle, Southern, of, of New York ., Google, Daimler AG, Mercedes, Benz, counterfeiters Locations: U.S, of New York
Amelia is the latest generative AI tool that Amazon has brought to market in the past year as it seeks to capitalize on the hype sparked by OpenAI's ChatGPT. The company has introduced an AI-powered shopping assistant named Rufus, a chatbot for businesses dubbed Q and Bedrock, a generative AI service for cloud customers. More than 400,000 of Amazon's millions of third-party sellers have used its AI listing tool, up from 200,000 in June, he said. With Amelia, Amazon is counting on generative AI to help with a key issue for third-party merchants — account troubleshooting. Amazon said the tool uses retrieval-augmented generation, or RAG, a popular AI industry framework that combines generative AI with long-established methods of information retrieval.
Persons: Nathan Stirk, Amelia, OpenAI's ChatGPT, Rufus, Anthropic, Andy Jassy, Jassy, Thos Robinson, it's, Dharmesh Mehta, Mehta Organizations: Getty, Central, CNBC, New York Times, Google, Microsoft, Merchants Locations: New York City, Seattle .
Amazon announced Wednesday it's raising wages for its hourly warehouse workers, and adding a new employee perk that will give them a Prime subscription at no extra cost. Starting this month, Amazon's average starting pay for front-line employees in the U.S. will be bumped to an average of more than $22 an hour, up from roughly $20.50 an hour, the company said. Amazon said it's also making its Prime subscription service a part of employees' benefit package beginning "early next year." The service, which costs $140 a year, gives members access to speedy shipping and video streaming, among other perks. Amazon said Tuesday it plans to host a second Prime Day-like deal bonanza on Oct. 8-9, the third year it's held the discount event.
Persons: Amazon, it's Organizations: Amazon Locations: U.S
An attendee holds a "Support Amazon Teamsters" sign during a rally with workers and union members as part of an "Amazon Teamsters Day of Solidarity" in support of the unionization and collective bargaining of Amazon delivery drivers at the Teamsters Local 848 in Long Beach, California, on Aug. 29, 2024. Hundreds of Amazon delivery drivers at one of the company's New York facilities joined the International Brotherhood of Teamsters, the union announced Monday, marking the latest escalation of organizing efforts in its logistics network. The drivers work for Cornucopia Logistics, DNA Logistics and Champion Logistics, a Teamsters spokesperson said. A majority of drivers at each of the contracted firms signed authorization cards to join the Teamsters, the union said in a release. Last week, Amazon announced it was hiking wages for contracted delivery workers as part of a $2.1 billion investment into the program.
Persons: Sean O'Brien Organizations: Solidarity, Teamsters, International Brotherhood of Teamsters, Cornucopia Logistics, DNA Logistics, Champion Logistics, Amazon, Drivers, National Labor Relations Board, NLRB Locations: Long Beach , California, York, New York's Queens, U.S, Palmdale , California
Amazon is instructing corporate staffers to spend five days a week in the office, CEO Andy Jassy wrote in a memo on Monday. The decision marks a significant shift from Amazon's earlier return-to-work stance, which required corporate workers to be in the office at least three days a week. Amazon's headcount totaled 1.53 million employees in the second quarter, representing growth of just 5% from a year earlier. If anything, the last 15 months we've been back in the office at least three days a week has strengthened our conviction about the benefits. Before the pandemic, not everybody was in the office five days a week, every week.
Persons: Andy Jassy, they've, Jassy, didn't, Amazon's headcount, it's, we're, I've, we've, It's, Andy Organizations: Amazon, Healthcare, U.S, Puget Sound Locations: NYC, Arlington, Europe
Larry Ellison, chairman and co-founder of Oracle Corp., speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 1, 2017. Oracle shares surged more than 6% on Monday, continuing their recently rally and propelling Chairman Larry Ellison to become the world's second-richest person, snatching the title from Amazon founder Jeff Bezos. Bezos, who had been the second-richest person on and off since 2016, is worth $202 billion. The stock surge caused Ellison to briefly pass Bezos as the world's second-richest person on Friday, before the Amazon founder reclaimed the title. Oracle said last week that it would partner with Amazon's cloud computing unit to enable its database services on dedicated hardware.
Persons: Larry Ellison, Jeff Bezos, Forbes, Elon Musk, Ellison, Bezos, Oracle, — CNBC's Jordan Novet, Ari Levy Organizations: Oracle Corp, Oracle, Amazon, Microsoft, Google Locations: San Francisco
Oracle 's best week on the stock market since 2021 has bolstered Chairman Larry Ellison's net worth, briefly edging him past Amazon founder Jeff Bezos on Friday to become the world's second-richest person. Ellison's net worth reached $208.4 billion shortly after the market open, then fell to $199 billion, according to Forbes' real-time billionaires list. Bezos, who has claimed the title of world's second-richest person on and off over the years, is worth $205 billion. Bezos, 60, and Ellison, 80, are jockeying for the title of world's second-richest person three days after their companies forged a new partnership. "With Oracle Database to be able to run AWS, Microsoft and Google, is incredibly important," Ellison said on the call.
Persons: Larry Ellison's, Jeff Bezos, Forbes, Elon Musk, Ellison, Oracle, Jordan Novet, Ari Levy Organizations: Amazon, Oracle, Nvidia, Microsoft, Google Locations: Las Vegas
In an aerial view, Amazon delivery trucks sit parked at an Amazon distribution center on July 16, 2024 in Richmond, California. Amazon is bumping its average national pay for contracted delivery drivers to roughly $22 an hour, up from $20.50 an hour, the company said Thursday. The Teamsters union has led a number of strikes at Amazon delivery facilities in the past year, and it's made organizing Amazon employees a key focus after launching a division dedicated to the online retail giant in 2021. Amazon has fought to avoid being designated as a joint employer of its contracted delivery drivers, arguing that the workers are employed by third-party firms. WATCH: Amazon delivery companies skip safety checks to keep up with quotas
Persons: Beryl Tomay, it's Organizations: Amazon, Teamsters, National Labor Relations Board Locations: Richmond , California, Las Vegas
In this article AMZN Follow your favorite stocks CREATE FREE ACCOUNTWorkers stock shelves at an Amazon Fresh grocery store in Seattle, Washington, US, on Thursday, May 2, 2024. As part of the Fresh store redesign, Amazon created a more colorful layout and added Krispy Kreme donut and coffee stalls. "We like the early results a lot," Jassy said on the company's first-quarter earnings call in April, referring to the revamped Fresh stores. Amazon declined to comment on the status of the Fresh stores that remain unopened. "You walk into the Amazon Fresh store in Roseville and it feels like you're in a stainless steel wine cellar," Thill said.
Persons: David Ryder, Joe Knowles, Bensalem, it's, Andy Jassy's, Jassy, CNBC it's, It's, Ted Weill, AlbaneseCormier, Weill, they've, Brent Thill, Thill Organizations: Amazon, Bloomberg, Getty, CNBC, Foods, Walmart, Jefferies, Anadolu, Mart, Shoppers, Aldi, Rancho Mirage Locations: Seattle , Washington, US, Philadelphia, Bensalem , Pennsylvania, California , Illinois, Maryland , New Jersey, Virginia, Illinois, California, Amazon's, U.S, Woodland, Los Angeles, San Mateo , California, United States, Pennsylvania , New Jersey , New York , Florida, Washington, Florida, Mirage , California, Palm Springs, Italian, Sacramento, Roseville, Amazon
A group of Amazon delivery drivers hold a labor strike at the DAX7 Amazon Sortation Center in South Gate. Amazon should be considered a "joint employer" of some of its contracted delivery drivers, a regional director for the National Labor Relations Board said Wednesday. Amazon has fought to avoid being designated as a joint employer of its sprawling network of contracted delivery companies. Over the past year, the Teamsters has stepped up its efforts to organize Amazon delivery and warehouse workers. Since then, it's led a number of strikes at Amazon delivery facilities, while a labor group at an Amazon warehouse on New York's Staten Island opted to affiliate with the Teamsters in June.
Persons: it's, Kayla Blado, litigating Organizations: Amazon Sortation, National Labor Relations Board, NLRB, Amazon, MJB Logistics, Teamsters Locations: South Gate, Atlanta, Palmdale , California, New, Staten, Palmdale
Two U.S. Consumer Product Safety Commission members are urging the agency to probe safety practices of "foreign-owned" e-commerce platforms such as Shein and Temu, specifically the alleged sale of "deadly baby and toddler products." "Our interests are aligned with the U.S. Consumer Product Safety Commission (CPSC) in ensuring consumer protection and product safety, and we will cooperate fully with any investigation," the Temu spokesperson said. CPSC officials have asked for more funding to hire staffers to monitor emerging e-commerce platforms such as Temu and Shein over safety practices, according to The Information. Last April, a congressional commission released a report detailing issues with Shein, Temu and other "Chinese 'fast fashion' platforms.'" They alleged the sites have numerous product safety hazards, are connected to the use of forced labor and are exploiting trade loopholes, among other concerns.
Persons: Peter Feldman, Douglas Dziak, Temu, Shein Organizations: U.S, Consumer Product Safety, U.S . Consumer Product Safety, Discount, Google, PDD Holdings, Amazon, CNBC Locations: U.S, China
Amazon aggregators Branded and Heyday plan to merge, CNBC has learned, as a segment of the e-commerce industry that boomed during the Covid era continues to consolidate. The new name will be officially rolled out in the coming days, and the combined companies are expected to generate annual revenue of $400 million, Rymarz wrote. Heyday and Branded are part of the crowded and turbulent market of Amazon seller aggregators. Prior to the deal with Paris-based Branded, Heyday explored a possible tie-up with Dragonfly, whose backers include L Catterton, before the talks fell apart, CNBC previously reported. WATCH: What's behind the hype and billion-dollar aggregators buying Amazon sellers
Persons: Sebastian Rymarz, Rymarz, Aggregators, Jared Kushner's, highflier Thrasio, aggregators Organizations: CNBC, Apollo Global Management, BlackRock, Bloomberg, Companies, Jared Kushner's Affinity Partners Locations: New York, Silicon Valley, BlackRock, Paris
Super Micro announces 10 for 1 stock split
  + stars: | 2024-08-06 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com   time to read: +1 min
Server company Super Micro Computer on Tuesday announced a 10-for-1 stock split, set to begin trading on a split-adjusted basis on Oct. 1. Shares of Super Micro, which joined the S&P 500 in March, surged 246% in 2023 and are up 117% year-to-date. Super Micro shares slid as much as 7% in extended trading. Super Micro said it expects first-quarter revenues between $6 billion and $7 billion, beating Wall Street's estimate of $5.46 billion. It expects EPS of $5.59 to $8.27, or a $7.48 midpoint, compared to the consensus estimates of $7.58.
Persons: Wall Organizations: Computer, Dell, Hewlett Packard Enterprise, Nvidia, Super Micro
Amazon shares plunged as much as 12% on Friday, a day after the company reported mixed second-quarter results and gave a forecast for the third quarter that fell short of Wall Street's expectations. Revenue in the second quarter rose 10% from a year earlier to $147.98 billion, falling just short of $148.56 billion projected by LSEG. For the third quarter, which runs through September, Amazon said it expects revenue of $154 billion to $158.5 billion. The midpoint of the range, $156.25 billion, fell short of consensus estimates of $158.24 billion, according to LSEG. Amazon Web Services revenue reached $26.3 billion during the quarter, topping consensus estimates of $26 billion.
Persons: Andy Jassy, Amazon, Brian Olsavsky, Olsavsky, Donald Trump, JP Morgan, Morgan Organizations: Amazon.Com Inc, Amazon, JP, Web Services, BMO Capital Markets Locations: Seattle , Washington , U.S
Tucked between the towering Blue Mountains and azure Caribbean Sea, the White Witch Golf Course is 6,758 yards of green serenity in one of Jamaica's bubbliest resort towns. Rose Hall Developments Rose Hall Great House is the jewel in the estate's crown, a plantation mansion that had fallen into ruin before American businessman John Rollins purchased the 7,000-acre plot in the 1960s and restored the building to its colonial-era opulence. Rose Hall DevelopmentsAnnie supposedly murdered her husband to assume ownership of Rose Hall, which she went on to run with an iron fist. You can’t miss it.”Palmer's ghost is said to roam the fairways of the White Witch golf course on horseback. The White Witch course – which had cost some $8.5 million to build – was forced into contingency planning, but rebounded over the subsequent decade.
Persons: Johnny Cash, Rose, Annie Palmer, , Cash, Cinnamon, ” Cash, Rose Hall, White, John Rollins, Rollins, Edward Burke, Anna Nordqvist, Kevin C, Cox, Usain Bolt, James Bond superfans, Roger Moore, Bond, Baron Samedi, Keith Stein, Stein, it's, Palmer, Baron, James Bond, Annie Mary Paterson, Paterson, John Palmer, Hall, Hall Developments Annie, ” Stein, Takoo, Playtime, , Benjamin Radford, Radford, Rose Hall’s, ” Radford, can’t, , Waddell, James Castello, Herbert G, Geoffrey S, Yates, Rosa Palmer, Kelly, née Paterson, ” Palmer, “ She’s, “ it’s Organizations: CNN, Rose Hall Great House, Rose Hall, Rose, Rose Hall Developments Rose, Great, Jamaica LPGA, White Witch, Hall Developments, Inquirer, Jamaica Archives Locations: Caribbean, Montego Bay, American, Swedish, Toronto, Montego, Haiti, British, , Jamaica, Delaware, Palmyra, Bonavista, Jamaican, , Inverness
Amazon is pointing to an unusually busy news cycle as one of the drivers behind its weak revenue forecast. For the third quarter, which runs through September, Amazon said it expects revenue of $154 billion to $158.5 billion. The disappointing guidance, coupled with a revenue miss for the second quarter, sent Amazon shares sliding more than 7% in extended trading. Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.
Persons: Andy Jassy, Brian Olsavsky, Olsavsky, Donald Trump, Amazon, didn't, Jassy, Wayfair, Josh Silverman, It's Organizations: Amazon.Com Inc, Paris Olympics, U.S, Republican National Convention, Amazon, CNBC, Paris, NBCUniversal, NBC Sports, NBC Olympics, NBC, Games Locations: Seattle , Washington , U.S, Pennsylvania, U.S
Amazon is set to report second-quarter earnings after the bell on Thursday. Amazon is rounding out what's been a mixed earnings season for leading tech companies. Microsoft 's beat on the top and bottom lines was overshadowed by lower-than-expected Azure cloud revenue. Amazon, which leads the cloud infrastructure market, is expected to report growth of 17.6%, according to StreetAccount. During the quarter, Amazon secured a highly sought after position as the third rights partner in the NBA's new 11-year TV deal.
Persons: LSEG, what's, Andy Jassy, Amazon Organizations: Web, Google, YouTube, Microsoft, Meta, BofA Securities, AWS, Amazon, Revenue, Loop Capital, Nasdaq
Federal regulators have determined that Amazon can be held responsible for defective goods sold by third-party merchants on its online marketplace, rejecting the company's position that it's merely an intermediary between consumers and sellers. Amazon's marketplace, which hosts millions of third-party sellers, now accounts for approximately 60% of the company's e-commerce sales. The company has previously said it invests hundreds of millions of dollars per year to ensure products sold are safe and compliant. At issue were 418,818 goods sold through Amazon, including faulty carbon monoxide detectors, hairdryers without electrocution protection and children's sleepwear that posed a burn risk. This program gives Amazon "far-reaching control" over the products sold on its platform, the judge said.
Persons: it's, It's, they're Organizations: U.S . Consumer Product Safety Commission, Amazon, Consumer Locations: Robbinsville , New Jersey, U.S, Tennessee
The topic of Temu and Shein's growth will hover over tech earnings this week, as Amazon reports second-quarter results alongside Meta, eBay and Etsy. watch nowIn Amazon's report on Thursday, the company is expected to show revenue growth of about 11% to $148.6 billion, according to LSEG. That's where Temu and Shein come into play, as merchants now have new ways to get products to American consumers. Amazon has continued to highlight its delivery prowess and its focus on speed in the face of growing competition from Temu and Shein. However, while it's long touted itself as the "lowest-priced U.S. retailer," Amazon has shown that it's well aware of Temu and Shein's increasing popularity.
Persons: Stefani Reynolds, David Zapolsky, Zapolsky, it's, Shein, Andy Jassy, Jassy, It's, Angus Mordant, Temu, Meta, Susan Li, Jamie Iannone, Etsy, Amazon, Amazon's Zapolsky Organizations: Apple, CNBC, Afp, Getty, eBay, Meta, Etsy, Tech, YouTube, Microsoft, Intel, Qualcomm, Google, PDD Holdings, Amazon, European Union, Bloomberg, Barclays, Finance, EBay, Bank of America, Walmart Locations: U.S, China, Temu, New York, Asia, Pacific, San Francisco, Singapore
An Amazon contract worker pulls a cart of packages for delivery in New York, US, on Monday, April 22, 2024. Online spending in the U.S. surged 11% year over year to $14.2 billion during Amazon 's 48-hour Prime Day event, topping estimates and setting a new record, according to Adobe Analytics. Amazon's Prime Day event, which ran Tuesday and Wednesday, has become a big revenue driver for other retailers, which often hold competing sales timed around Prime Day. Amazon said Thursday it also saw "record-breaking" Prime Day revenue, though it didn't disclose total sales from the event. WATCH: Prime Day is a big marketing event for Amazon
Persons: Amazon, Rufus, Amanda Schoenbauer Organizations: Amazon, Adobe Analytics, Adobe, Shoppers Locations: New York, U.S
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