Amazon has lost $541 million to Indian e-commerce competition; but certainly not stirred
Advertisement
Advertisement
The Seattle-based e-commerce giant has lost $541 million in the third quarter, as against $208-million loss during the same period last year. However the company will continue to make the same kind of expenditure in the current fiscal as well.
Having launched its annual subscription service ‘Prime’, Amazon has also signed collaborations with movie production houses like Karan Johar's Dharma Productions,
Amazon's Chief Financial Officer
"We are very encouraged by what we see in India but it is still very early on. Our most recent highlights will be the launch of the Prime programme in the past quarter, and it is now one of the top-selling units on Amazon India,”
Advertisement
This is the biggest operating loss that Amazon's international business has reported in its history, according to company filings reviewed by the ET. India is the next big retail opportunity for Amazon, after having failed to make much headway in the Chinese ecommerce market dominated by local powerhouse
The report, dated September 13, also said that Amazon is losing $1 billion in India annually right now. In June, Amazon founder and CEO
"Winning the India market will be expensive, and Amazon knows this. From the last six months their burn rate has increased, which is now showing in the results,”
Advertisement
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report
- Rupee falls 10 paise to settle at 83.48 against US dollar
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market