The corporate was launched by founder Jeff Bezos in 1994 as a web-based bookstore, however it has since ballooned into the world’s largest e-commerce firm that sells nearly the whole lot, together with electronics, attire, furnishings, meals, toys, and way more.
Along with e-commerce, Amazon’s income comes from subscription providers, cloud computing providers, Complete Meals grocery gross sales, and different areas. It additionally builds and sells its personal shopper electronics, such because the Amazon Kindle and Amazon Echo. Amazon Internet Providers is the world’s largest vendor of cloud computing providers. The corporate’s entertainment-streaming service additionally produces its personal motion pictures and TV reveals, and Amazon Music gives entry to thousands and thousands of songs.
Extra on Amazon (AMZN)
Amazon’s Newest Developments
- On Sept. 1, 2021, Amazon introduced that it was hiring greater than 40,000 new tech and company workers across the U.S., along with “tens of 1000’s of hourly positions,” in “Amazon’s Operations community.”
- On August 19, 2021, the Wall Avenue Journal reported that Amazon is planning to open a number of massive brick-and-mortar shops within the U.S.
- On August 13, 2021, U.S. Senators, Amy Klobuchar, Jon Ossoff, and Invoice Cassidy, two Democrats and a Republican, despatched a letter to Amazon’s CEO Andrew Jassey asking a collection of questions on Amazon’s assortment of biometric information. The request for data comes after Amazon began a promotion that supplied prospects $10 in Amazon retailer credit score in alternate for enrolling in Amazon One, wherein prospects give Amazon a scan of their palm in order that they will pay utilizing palm scanners as an alternative of a credit score or debit card.
- On August 2, 2021 an officer from the Nationwide Labor Relations Board (NLRB) made a suggestion that the NLRB throw out the outcomes of the vote held in Bessemer, Alabama by Amazon warehouse employees earlier this yr on whether or not to unionize on the grounds that Amazon tried to illegally intervene with the election. If the regional director of the NLRB agrees with the advice, there could also be one other vote.
- On July 29, 2021, Amazon released its earnings report for Q2 FY 2021. It reported considerably higher-than-expected earnings, however considerably lower-than-expected revenues for the quarter. Revenues from its high-margin AWS enterprise exceeded expectations.
- On July 14, 2021, the Client Product Security Fee (CPSC) filed a go well with towards Amazon making an attempt to pressure it to recall a whole lot of 1000’s of doubtless harmful merchandise. The company says that these merchandise, which embody hair dryers which may electrocute customers in the event that they’re dropped in water and faulty carbon monoxide detectors. Amazon has stated that it eliminated nearly all of the merchandise from the web site, despatched emails notifying prospects of the problems, and gave refunds for the merchandise. The CPSC is asking Amazon to, amongst different issues, make sure the merchandise are returned and destroyed for free of charge to prospects and subject a public press launch in regards to the hazard of the merchandise.
- On July 5, 2021, Amazon founder Jeff Bezos stepped down as CEO in favor of Andrew Jassey, who had served because the CEO of AWS.
- In keeping with reporting by “The Data” the Federal Commerce Fee launched an investigation into Amazon’s at the moment ongoing try to amass MGM Studios. The probe is anticipated to final a number of months no less than.
- On June 30, 2021, Amazon despatched a 25 web page petition to the Federal Commerce Fee (FTC) asking the brand new FTC chair, Lina Khan, to recuse herself from any FTC rulings on the corporate. Amazon argued that as a result of Khan has criticized Amazon so typically, that “she now not can take into account the corporate’s antitrust defenses with an open thoughts.”
- On Might 26, 2021, Amazon introduced it might buy MGM Studios for $8.5 billion, together with debt, or $6.5 billion excluding debt. The acquisition of the film studio, which owns mental properties such because the James Bond and Rambo franchises, is supposed to assist Amazon’s personal streaming service, Prime Video, compete within the more and more fierce streaming market.
- On Might 12, 2021, the EU’s second-highest courtroom overturned a 2017 order by the European Fee to pay Luxembourg $300 million in taxes. The Fee had argued that Amazon had structured its European operations in a method to improperly understate its earnings by paying royalties to an untaxed holding firm in Luxembourg. The courtroom dominated that the European Fee’s evaluation was flawed and didn’t show that Amazon violated the regulation.
- As of April 9, 2021, 80% of the ballots within the Bessemer, Alabama, warehouse union vote have been counted and 71% of the voters had been towards towards forming a union. Whereas the Nationwide Labor Relations Board (NLRB) hasn’t licensed a winner or completed counting contested ballots, it did word that the remaining ballots weren’t sufficient to exceed the prevailing margin towards unionization.
- On March 17, 2021, Amazon introduced that it was increasing its Amazon Care telehealth service, at the moment out there to its workers in Washington state, to different employers throughout the state. It is going to be expanded to be accessible to all Amazon workers this summer season and to Washington, D.C., Baltimore, and different cities within the coming months. Amazon Care was launched in 2019 as a pilot program for Amazon workers in Washington state.