{"id":312295,"date":"2021-07-30T19:16:48","date_gmt":"2021-07-30T16:16:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/amazon-stock-tanks-after-weak-earnings-massive-fine\/"},"modified":"2021-07-30T19:16:48","modified_gmt":"2021-07-30T16:16:48","slug":"amazon-stock-tanks-after-weak-earnings-massive-fine","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/amazon-stock-tanks-after-weak-earnings-massive-fine\/","title":{"rendered":"#Amazon stock tanks after weak earnings, massive fine"},"content":{"rendered":"

“#Amazon stock tanks after weak earnings, massive fine<\/strong>”<\/p>\n

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Amazon stock tanked after the company warned it expects sales growth to slow as the pandemic wanes, even as it got slapp<\/a>ed with a record fine from the European Union.<\/p>\n

The Seattle-based e-commerce giant\u2019s stock dropped more than 7 percent to 3,347.99 in midday trades on Friday after the Seattle-based behemoth logged a weaker-than-expected performance<\/a> during the second quarter, reporting $113 billion in revenue compared to analysts\u2019 expectations of $115 billion.<\/p>\n

The company likewise signaled that the loosening of coronavirus restrictions could mean lower sales growth.\u00a0While revenue surged 44 percent in the first quarter of this year, that figure dropped to 27 percent for the period ended June 30.\u00a0Sales\u00a0may only rise as much as 16 percent in the third quarter, Amazon said.<\/p>\n

Separately on Friday, the European Union hit Amazon with a record $886 million fine<\/a> over violating the bloc\u2019s privacy laws when processing personal data, a decision that Amazon responded was \u201cwithout merit.\u201d<\/p>\n

Earlier in July, Amazon founder Jeff Bezos stepped down as CEO before blasting into space and eating Skittles. Thursday\u2019s earnings call was the first overseen by the company\u2019s new CEO, Andy Jassy \u2014 and the company\u2019s worse-than-expected performance shows that the new head honcho has his challenges cut out for him.<\/p>\n

\"Amazon
Amazon stock was down more than 7 percent Friday morning.<\/figcaption>
AP<\/span><\/figcaption><\/figure>\n

Analysts at Barclays called Amazon\u2019s quarter a \u201crare miss\u201d that shows the difficulty of predicting post-pandemic business. Benchmark Investment, meanwhile, reportedly called the company\u2019s post-COVID outlook \u201cmaterially more muted than expected.\u201d<\/p>\n

Wedbush Securities managing director Dan Ives told The Post that the company missing expectations was more a result of investor overexcitement than issues with Amazon\u2019s business.<\/p>\n

\u201cThis was the Street miscalculating e-commerce growth in the eyes of a reopening trajectory \u2014 and overall these were strong numbers and consistent with a gold medal tech earnings season from Big Tech,\u201d he said. \u201cThe strong have gotten stronger.\u201d<\/p>\n

\"Boxes
Amazon said it expects sales growth to slow as coronavirus restrictions are lifted.<\/figcaption>
REUTERS<\/span><\/figcaption><\/figure>\n

Guru Hariharan, a former Amazon manager who now heads e-commerce firm CommerceIQ, said the results showed that Amazon\u2019s \u201cPrime Day may be losing its luster\u201d but added that he still expects strong growth later this year.<\/p>\n

Despite Amazon stock tanking Friday, the company\u2019s shares are still up 4.8 percent since the beginning of this year.<\/p>\n

With Post wires<\/em>\u00a0\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Amazon stock tanks after weak earnings, massive fine” Amazon stock tanked after the company warned it expects sales growth to slow as the pandemic wanes, even as it got slapped with a record fine from the European Union. The Seattle-based e-commerce giant\u2019s stock dropped more than 7 percent to 3,347.99 in midday trades on Friday…<\/p>\n","protected":false},"author":1,"featured_media":312296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/07\/amazon-stock-fine-02.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[113094,2758,70237,77891,71631,72388],"class_list":["post-312295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-30-21","tag-amazon","tag-corporate-earnings","tag-e-commerce","tag-jeff-bezos","tag-stock-market"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/312295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=312295"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/312295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/312296"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=312295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=312295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=312295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}