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☆ Amazon CEO Jassy's cost cuts deliver investors biggest profit beat since 2020
▼ + stars: | 2023-08-03 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +4 min

Amazon delighted investors on Thursday, posting earnings of 65 cents a share, blowing past estimates of 35 cents a share. In Jassy's prepared remarks at the start of Thursday's earnings call, cost cuts were one of his central themes. The broad-based changes under Jassy have left the company less dependent on its cloud business, Amazon Web Services, for profits. In the second quarter, Amazon was able to expand its overall margin while AWS's profit margin declined to 24.2% from 29% a year earlier. But at only 12% year-over-year growth, the cloud business is seeing its slowest expansion since Amazon began breaking out its revenue in 2015.

Persons: Andy Jassy, Jeff Bezos, he's, Bezos, Jassy, Jassy's, Amazon Organizations: New York Times, Amazon, North America, Amazon Web, AWS Locations: New York City, riskier, North, America

☆ Etsy shares plunge 12% on weak guidance
▼ + stars: | 2023-08-03 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Etsy shares slid more than 12% on Thursday afternoon, a day after the company reported better-than-expected second-quarter results but gave weak guidance for third-quarter revenue and gross merchandise sales, or GMS. Here's how the company did:Earnings : 45 cents per share, adjusted, vs. 43 cents per share, as expected by analysts, according to Refinitiv. : 45 cents per share, adjusted, vs. 43 cents per share, as expected by analysts, according to Refinitiv. Revenue: $629 million vs. $619 million as expected by analysts, according to Refinitiv. At the midpoint, it fell short of the $3.04 billion expected by a survey of Refinitiv analysts.

Persons: Etsy, Rachel Glaser, Josh Silverman, Silverman Organizations: Refinitiv, GMS, Services Locations: Refinitiv, Etsy, Silicon

☆ Amazon set to report second-quarter earnings after the bell
▼ + stars: | 2023-08-03 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +4 min

Amazon will report second-quarter earnings after the market close on Thursday. In the first quarter, AWS sales increased roughly 16%, the slowest growth since 2015, when Amazon began breaking out cloud revenue. AWS rivals Microsoft and Alphabet last week reported solid results in their cloud businesses, beating analysts' revenue expectations. Last week, Amazon hosted an AWS Summit, where the company announced updates related to generative AI, including a service that uses the technology to transcribe and summarize doctors' patient visits. Also during the quarter, Amazon hosted its annual Prime Day discount bonanza, which it touted as its "biggest ever."

Persons: Andy Jassy, it's, Brian Olsavsky, workloads Organizations: Amazon, Seattle, Refinitiv Revenue, Web, Services, Evercore, Microsoft, Apple, Meta Locations: Seattle, Israel

☆ Amazon opens Fresh grocery delivery to people without Prime
▼ + stars: | 2023-08-02 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon is opening up its Fresh grocery delivery service to people without Prime in select U.S. cities. Last week, Amazon cut some jobs at Fresh grocery stores. And earlier this year, amid mounting costs, Amazon said it would start charging delivery fees on Fresh grocery orders under $150, removing an earlier perk that guaranteed Prime members free delivery on orders over $35. It hopes to roll out Fresh delivery for non-Prime members nationwide, and include products from Whole Foods and other grocers, Amazon executives told Bloomberg. Correction: The revamped format for Amazon's Fresh stores is rolling out at a location in Oak Lawn, Illinois.

Persons: Andy Jassy Organizations: Foods, Fresh, Amazon, Bloomberg Locations: San Francisco, Boston, Nashville , Tennessee, Austin , Texas, Oak Lawn , Illinois

☆ Amazon employees leak secret info that marketplace sellers can buy on Telegram
▼ + stars: | 2023-08-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +7 min

For a fee of $200 to $400, sellers can pay for services like "Amazon Magic," as one broker on encrypted messaging service Telegram calls it. The Telegram group has over 13,000 members, and it's far from the only one. A public Facebook page identified by CNBC offers an internal screenshot service with "valuable insight into your seller account, allowing you to see how Amazon employees view your account and its performance." Account annotations, internal notes from an Amazon staffer on a seller's account, were among the confidential data being exchanged between the defendants and employees. The Amazon Magic group on Telegram is public, with users advertising black hat services almost daily.

Persons: Johnny Milano, Christy Distefano, Remi Vaughn Organizations: Bloomberg, Getty, Telegram, Facebook Groups, Walmart, CNBC, Facebook, Amazon ., LinkedIn, Amazon, Street Journal, Department of Justice, FBI Locations: Melville , New York, China, India, Costa Rica, Ukraine

☆ Amazon rolls out its virtual health clinic nationwide
▼ + stars: | 2023-08-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon is rolling out its virtual health clinic service nationwide, the company announced Tuesday. Amazon does not provide the telemedicine services itself, but instead provides Amazon Clinic as a platform to connect telemedicine partners with patients. With Tuesday's announcement, users in all 50 states and Washington, D.C., can access Amazon Clinic via video visits. Due to regulatory issues, message-based chat on Amazon Clinic is only available in 32 states. Amazon Clinic doesn't yet accept insurance, but consumers can use insurance to help pay for medications prescribed through the service.

Persons: Nworah Ayogu, Ayogu, Berkshire Hathaway Organizations: Amazon Clinic, Curai, Alpha, D.C, CNBC, Amazon, Berkshire, JPMorgan Locations: Washington, PillPack

☆ Amazon says it’s delivering more packages in one day or less after overhauling delivery network
▼ + stars: | 2023-07-31 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +4 min

An Amazon driver loads packages into a delivery van at an Amazon delivery station on November 28, 2022 in Alpharetta, Georgia. Amazon has for years been marching toward making same-day and next-day delivery the standard for members of its Prime loyalty club. For the past four years, Amazon has poured money and resources into revamping its warehouse and delivery network to shorten shipping times from two days to one day or less. But Amazon's change cut costs and boosted delivery speeds, Madan said. Amazon plans to double the number of same-day sites in its network over the next two years, Madan said.

Persons: Amazon, Udit Madan, Madan, We've Organizations: U.S, Street, MWPVL International Locations: Alpharetta , Georgia

☆ Earnings playbook: How to trade some of the biggest reports this week, including Apple
▼ + stars: | 2023-07-31 | by ( Fred Imbert | ) www.cnbc.com time to read: +8 min

This quarter: Analysts polled by FactSet expect Merck to post a loss for the first quarter. Starbucks is set to report earnings after the bell, with management slated to hold a call at 5 p.m. This quarter: Analysts polled by FactSet expect double-digit earnings growth quarter over quarter. What history shows: Bespoke data shows Amazon earnings exceed earnings expectations 62% of the time. Apple is set to report earnings after the close, followed by a call at 5 p.m.

Persons: Goldman Sachs, Annika Kim Constantino, Merck, Merck's, Joe Biden's, SBUX, Bank of America's Sara Senatore, Senatore, Albert Bourla, —, They're, AMZN, FactSet, Annie Palmer, Morgan Stanley, Erik Woodring, — CNBC's Michael Bloom Organizations: Netflix, Merck, Apple, FactSet, CNBC, Prometheus Biosciences, Investment, Bank of America's, Pfizer, Management, Amazon Web Services, IDC Locations: China, 2Q23, New York, Carolina, Friday's

☆ Meta stock up 6% after earnings as 'year of efficiency' pays off
▼ + stars: | 2023-07-27 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

The company on Wednesday reported earnings per share of $2.98, which was higher than the $2.91 per share expected by a survey of Refinitiv analysts. Revenue jumped 11% year over year to $32 billion, surpassing the $31.12 billion average analyst estimate, according to Refinitiv. For the third quarter, the Facebook parent company forecast revenue of $32 billion to $34.5 billion. Bank of America analyst Justin Post upped his price target on Meta shares to $375 from $350 and reiterated his buy rating on the stock. "Meta is hitting its stride again with a renovated tech stack and Reels strategy, gaining share in the industry," Post wrote in a Thursday report.

Persons: Mark Zuckerberg's, Goldman Sachs, Eric Sheridan, Justin Post, Post, CNBC's Michael Bloom Organizations: Revenue, Facebook, Meta, Bank of America, Labs Locations: opex

☆ Amazon cuts jobs at Fresh grocery stores
▼ + stars: | 2023-07-26 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon is cutting some jobs at its Fresh grocery stores, CNBC has confirmed. The company said it's restructuring the in-store staffing and operations model at its Amazon Fresh stores in the U.S., and as a result is eliminating its "zone lead" role. Amazon has been determined to crack the grocery segment since the launch of its Fresh delivery service in 2007. Earlier this year, Amazon said it would close some Fresh and Go stores as part of CEO Andy Jassy's effort to rein in costs. The job cuts at Amazon Fresh come after the company initiated its most expansive layoffs in its history, eliminating roughly 27,000 employees since late last year.

Persons: Jessica Martin, we've, Andy Jassy's, Jassy Organizations: CNBC, Amazon, Washington Post, D.C, Foods Locations: U.S, Washington

☆ Amazon to launch pay-by-palm technology at all Whole Foods stores by year-end
▼ + stars: | 2023-07-20 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

Amazon is bringing its palm-scanning payment system to a Whole Foods store in Seattle, the first of many planned future locations to roll out the technology. Amazon will let shoppers pay with their palms at all Whole Foods stores by the end of the year, the company announced Thursday. Amazon One is a biometric technology that lets users enter and pay for items at stores by placing a palm over a scanning device. The company first introduced the technology in its Go cashierless stores, but later began adding it to Whole Foods supermarkets. Amazon said Thursday it's seeing "growing demand" for the technology, with it recording 3 million uses of Amazon One.

Persons: Amazon Organizations: Foods, Amazon, Services, Coors Field Locations: Seattle, Denver

☆ Amazon sees decline in carbon emissions for the first time
▼ + stars: | 2023-07-18 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon lowered its carbon emissions for the first time since it began disclosing the figure four years ago. Emissions are still up roughly 40% from 2019, the year Amazon first began disclosing its carbon footprint. Scope 2 emissions, which accounts for emissions from electricity use, dropped 29% between 2021 and 2022, the company said. It's also pledged for its entire business to be net zero carbon by 2040. On Tuesday, Amazon said it would also be updating its supply chain standards to require suppliers to regularly share their carbon emissions data and set emissions reductions goals.

Persons: It's Organizations: Amazon Locations: North America

☆ Amazon seller consultant avoids jail in employee bribery scheme
▼ + stars: | 2023-07-14 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +6 min

Rosenberg, 48, is a well-known figure in the world of Amazon third-party sellers. The case provides an unfiltered glimpse into the cottage industry of consultants and brokers that has flourished alongside the growth of Amazon's third-party marketplace. A former Amazon employee was sentenced last year to 10 months in prison, while a consultant who also sold products on Amazon is serving 20 months in prison. In one case, Rosenberg made 33 different PayPal payments worth $18,650 to an Amazon employee in Seattle in exchange for confidential information about third-party seller accounts. He later admitted he made false statements about the case and admitted to bribing Amazon employees in a public apology posted online.

Persons: Ephraim, Ed, Rosenberg, it's, scammers, Joe Nilsen, Sellers, Nilsen, Rosenberg's, Jacob Laufer Organizations: Facebook, Amazon, Street Journal, Prosecutors, Seattle, Bloomberg, CNBC Locations: Brooklyn, China, Seattle

☆ Amazon lays off some employees in its Pharmacy unit
▼ + stars: | 2023-07-14 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon has let go of some of the employees in its Pharmacy business, the company confirmed to CNBC. A "small number" of staffers in the Amazon Pharmacy division were informed Thursday they were being laid off, Amazon spokesperson Brad Glasser said in a statement. "As a result, we have made the decision to adjust resources and a small number of roles have been eliminated on the Amazon Pharmacy Services team." The company laid off 18,000 employees over several months last fall and earlier this year, then announced an additional 9,000 employees would be let go in March. Some employees in the company's pharmacy, digital health tools and Halo fitness band units were laid off, CNBC previously reported.

Persons: Brad Glasser, Glasser, Andy Jassy Organizations: CNBC, Amazon Pharmacy, Amazon, Amazon Pharmacy Services Locations: PillPack

☆ Amazon touts 'biggest ever' Prime Day as U.S. online sales surge to $12.7 billion
▼ + stars: | 2023-07-13 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Workers retrieve boxes at an Amazon fulfillment center on Prime Day in Raleigh, North Carolina, U.S., on Monday, June 21, 2021. Online spending in the U.S. climbed 6.1% to $12.7 billion during Amazon 's Prime Day promotion, according to Adobe Analytics, as deal-hungry consumers snapped up home goods and household essentials. Amazon, which didn't disclose total sales from the event, said the first 24 hours of Prime Day marked the "single largest sales day in company history." Rival retailers including Walmart , Target , Best Buy and Kohl's hosted competing discount events alongside Prime Day. WATCH: Consumer feeling stretched and looking for deals during Amazon Prime Day

Persons: Apple AirPods, Kohl's, they'd Organizations: Amazon, Adobe Analytics, Adobe, Walmart, Target, Prime, Shoppers Locations: Raleigh , North Carolina, U.S

☆ Amazon hit with labor complaint over failing to bargain with Staten Island union
▼ + stars: | 2023-07-12 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

The National Labor Relations Board said Tuesday it found merit to charges that Amazon violated labor laws by refusing to bargain with a fledgling union representing employees at one of its New York warehouses. Workers at one of the retail giant's Staten Island warehouses, known as JFK8, voted last April to join the Amazon Labor Union, a grassroots organization started by current and former employees. The NLRB complaint comes as the ALU has faced setbacks since its landmark victory on Staten Island. The ALU lost two elections at other Amazon warehouses last year, and rifts have formed between some leaders and members of the union. On Monday, a group of former ALU members sued the union, accusing it of violating the ALU's constitution and asking a Brooklyn court to compel it to hold an election for union officers.

Organizations: National Labor Relations Board, Amazon Labor Union, Workers, Amazon, Democratic Reform Caucus, The New York Times Locations: New York, Brooklyn, Staten, Staten Island

☆ Amazon's Prime Day off to a strong start, early data shows
▼ + stars: | 2023-07-12 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Amazon 's Prime Day is off to a strong start, lifting third-party sellers' and other retailers' online sales, early data shows. Prime Day kicked off Tuesday and runs through Wednesday. As of midday Wednesday, Prime Day shoppers spent more per order, with an average order size of $56.07, compared with $53.14 a year ago, according to data from Numerator. The strong preliminary Prime Day sales data is the latest indicator that consumer spending may be more resilient than feared. Amazon doesn't typically provide sales data from Prime Day.

Persons: Fahim Naim, eShopportunity, Naim, Mike Scheschuk, I've Organizations: Adobe Analytics, Amazon, Walmart, Target, Adobe, Apple, Advisory, Scout, Prime Locations: U.S

☆ Amazon launches first U.S. challenge to EU content rules and says it would be 'unfairly singled out'
▼ + stars: | 2023-07-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon is fighting its inclusion in the European Union's list of companies that are subject to landmark online content rules, marking the first U.S. challenge to the proposed legislation. Fellow U.S. tech giants Google , Meta and Apple are also subject to the rules. Amazon disputed it being labeled a VLOP under the act, saying the designation applies to companies with advertising as their primary revenue and that distribute speech and information. "If the VLOP designation were to be applied to Amazon and not to other large retailers across the EU, Amazon would be unfairly singled out and forced to meet onerous administrative obligations that don't benefit EU consumers." Last month, German online fashion and lifestyle retailer Zalando filed a suit contesting its designation as a VLOP, arguing retail constitutes the majority of its business.

Persons: Zalando Organizations: EU's Digital Services, U.S, Google, Apple, Amazon, EU, European Commission, DSA Locations: U.S

The European Commission said Thursday that it's opened a comprehensive and "in-depth" investigation into Amazon 's planned $1.7 billion acquisition of Roomba maker iRobot . The Commission, like its U.S. antitrust counterpart, has the power to block the proposed acquisition. "The Commission will now carry out an in-depth investigation into the effects of the proposed transaction to determine whether its initial competition concerns are confirmed," the statement said. Amazon announced the iRobot deal last year as part of an effort to expand its presence in the smart home. It's still under review by the U.S. Federal Trade Commission, which has requested information from iRobot multiple times on the deal, according to regulatory filings.

Persons: it's, Dyson, It's, Lina Khan Organizations: European Commission, Amazon, Markets Authority, U.S . Federal Trade Commission, Yale Law School, FTC, CNBC

It was also the top free app in Apple's App Store as of Thursday morning. It's built on top of Instagram and is automatically linked to a user's account on the photo-sharing app. Initially, users could only access the service through a roundabout way in the Instagram app. How to use ThreadsUsers are required to have an Instagram account in order to use Threads. Zoom In Icon Arrows pointing outwardsThreads appear in a scrolling feed, where users can like, reply, repost or quote other users' threads.

Persons: Emin Sansar, Mark Zuckerberg, Elon Musk, Jack Dorsey, It's Organizations: Anadolu Agency, Getty, Twitter

MediaNews Group | The Riverside Press-Enterprise via Getty ImagesOf the many acts that can get an Amazon merchant kicked off the site, few are as devastating as selling stolen goods. But suspended sellers, who spent years building their businesses on Amazon, told CNBC they had no idea they were selling stolen products. In an email to CNBC, Amazon said it's working with authorities and doesn't comment "on matters that are the subject of active law enforcement investigations." Tracing the stolen goods supply chainIn tracing the supply chain for suspended sellers, some patterns started to emerge. "Chances are stolen goods or similar ASINs/serial numbers are being bled in to every supply line," the employee wrote.

Persons: Levoit humidifiers, Frank —, Frank, Kenzo Sobrie, Dyson, blenders, they'd, Joe Quinlivan, Sellers, they've, Chris McCabe, Ricky Sala, what's, Sala, he'd, Tien Ngo, Ngo, Stride, Daniel Acker, ASINs, Armen Babayan, illicitly, Babayan, KZ, Juniper, couldn't, Cameron Webb, Kevin Cole, didn't, He's, Sobrie Organizations: MediaNews, Riverside Press, Enterprise, Getty, Amazon, CNBC, Retailers, LG, KZ International, California, Patrol, KZ, CHP, Amazon.com Inc, Amazon Robotics, Bloomberg, Oregon Prep Center, Facebook, FBI, Washington State Office, Ngo Wholesale Distributors, Ngo, Co, Wholesale, Los, Juniper Holdings, Telegram Locations: Eastvale , California, KZ's, Huntington Beach , California, Westborough , Massachusetts, Los Angeles, Miami, The Miami, New York, Washington, Santa Fe Springs, Los Angeles County, Garden Grove, Orange County, California, Huntington Beach, California , Florida, New Jersey

☆ Amazon CEO explains how the company will compete against Microsoft, Google in AI race
▼ + stars: | 2023-07-06 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon CEO Andy Jassy doesn't believe the retail and cloud computing giant should be counted out of the artificial intelligence race just yet. Jassy has said Amazon intends to invest in AI across the company, and that AI programs have the potential to improve "virtually every customer experience." Earlier this year, AWS unveiled a generative AI service called Bedrock, where clients can use language models from Amazon and other startups to develop their own chatbots and image-generation services. AWS has also developed its own AI-specific chips, called Inferentia and Trainium, which aim to make it easier for developers to run large AI language models in the cloud. It's going up against Nvidia , whose powerful semiconductors have dominated the market for AI chips.

Persons: Andy Jassy doesn't, Jassy, ChatGPT, Jon Fortt Organizations: CNBC, Microsoft, Google, Web Services, AWS, Nvidia

☆ FTC seeks to ban fake reviews with new proposed rule
▼ + stars: | 2023-06-30 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

The Federal Trade Commission on Friday proposed a new rule that seeks to ban fake online reviews, marking its most aggressive step yet to thwart review fraud. Fake reviews and review abuse have been a persistent issue for online platforms such as Amazon , Google and Yelp . Bad actors often rely on fake reviews to boost their products in search results and drive more sales. Amazon, which has struggled to combat fake reviews on its third-party marketplace, has increasingly gone after fake review brokers and Facebook group administrators in court. The agency has filed several other cases in recent years against companies that used fake reviews to sell products online, and blocked their users from leaving negative reviews.

Persons: Samuel Levine Organizations: Federal Trade Commission, Consumer Protection, Google, Facebook, FTC, Bountiful, CNBC Locations: FTC's

☆ Amazon says Prime Day will run July 11 and 12, introduces invite-only deals
▼ + stars: | 2023-06-21 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

Workers retrieve boxes at an Amazon fulfillment center on Prime Day in Raleigh, North Carolina, U.S., on Monday, June 21, 2021. Amazon will hold its annual Prime Day mega sale on July 11 and 12, the company announced Wednesday. For the first time, Amazon will offer invite-only deals where members of its Prime subscription club can request an invitation to access discounts on items that typically sell out fast. Prime Day deals will also appear on other retailers' websites through its Buy with Prime program, which enables third parties to add Amazon's payment and fulfillment services to their own site. Amazon launched Prime Day in 2015.

Persons: Jason Del Rey Organizations: Prime, Amazon, Walmart, Amazon's, Adobe Analytics, CNBC Locations: Raleigh , North Carolina, U.S

☆ FTC sues Amazon over 'deceptive' Prime sign-up and cancellation process
▼ + stars: | 2023-06-21 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

The FTC had been investigating sign-up and cancellation processes for Amazon's Prime program since March 2021. Tensions flared between Amazon and the FTC when the agency sought to have CEO Andy Jassy and founder Jeff Bezos testify on the company's Prime practices. Amazon argued the request would be unduly and burdensome, which the FTC rejected. The cancellation process is also difficult to navigate and designed to deter consumers from ending their Prime subscription, the FTC alleged. The complaint marks the third lawsuit the FTC has filed against Amazon in the last month.

Persons: Lina Khan, Andy Jassy, Jeff Bezos Organizations: Federal Trade Commission, Wednesday, Amazon, FTC, Amazon's, Western, of Locations: U.S, of Washington

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