Amazon’s New Day Has a Rough Start | Sidnaz Blog

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The results create a bit more of a challenging setup for new CEO Andy Jassy.



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Patrick Fallon/Zuma Press

OK, so maybe

Jeff Bezos

isn’t quite going out on top.

The final quarter for

Amazon.com


AMZN -0.84%

under the direct management of its famous founder turned out to be a bit of a letdown. Revenue and operating income for the second quarter both fell shy of Wall Street’s estimates, as did the high end of the company’s revenue forecast for the current quarter. It was the first time the e-commerce titan missed the high end of its own sales projections in two years, according to data from FactSet.

Amazon’s


AMZN -0.84%

shares fell more than 7% following the results.

The company is still a juggernaut. Second-quarter revenue rose 27% to $113.1 billion, bringing trailing 12-month sales to more than $443 billion. That puts Amazon well on pace to overtake

Walmart

as the largest U.S. company by annual sales some time next year, while still growing at double-digit rates. Growth at the company’s crucial AWS cloud business also picked up, with revenue jumping 37% year over year compared with a 32% rise in the last quarter. That lines up with trends shown by cloud rivals

Microsoft

and Google earlier this week, suggesting that the market leader, AWS, is at least holding its ground.

But the boom in online sales Amazon enjoyed at the start of the pandemic created a challenging comparison for the most recent quarter. Thursday’s results confirmed the suspicions of some analysts that the company’s Prime Day sales event in late June underwhelmed. Amazon’s online stores segment saw revenue grow by only 16% to $53.2 billion in the second quarter, falling well short of analysts’ targets. Revenue growth from third-party and subscription services decelerated. Advertising revenue, reflected in the company’s “Other” segment, showed a strong jump of 87% year over year to $7.9 billion. But advertising still contributes only about 7% to Amazon’s total revenue.

The results create a bit more of a challenging setup for new CEO

Andy Jassy

as Amazon will face difficult comparisons for the rest of the year following its pandemic-fueled sales jump in 2020. But the bar seems low enough. The midpoint of the company’s revenue projection for the third quarter represents growth of 13% year over year. That would be Amazon’s slowest growth rate in 20 years, even with the pandemic picking back up and possibly driving more sales online.

Amazon’s new boss has plenty to do.

Write to Dan Gallagher at [email protected]

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Latest News Today – Blue Origin: Dutch Teen on Space Flight Told Jeff Bezos

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The Dutch teenager who became the world’s youngest space traveller this week surprised billionaire Jeff Bezos on the flight by telling him he’d never ordered anything on Amazon.com.

Oliver Daemen, an 18-year-old physics student, accompanied Bezos, his brother Mark Bezos and 82-year-old female aviator Wally Funk – the oldest person to go to space – on a 10-minute trip beyond Earth’s atmosphere.

Bezos funded exploration company Blue Origin by selling billions of dollars’ worth of stock in his online delivery business Amazon.

“I told Jeff, like, I’ve actually never bought something from Amazon,” Daemen told Reuters in an interview on Friday at Amsterdam’s Schiphol Airport. “And he was like, ‘oh, wow, it’s a long time ago I heard someone say that’.”

Daemen, who was picked after another candidate bidding $28 million for the ride cancelled at the last minute, found out he would be joining the flight while on a family holiday in Italy.

“They called and said: Are you still interested?’ and we were like ‘Yes! Yes! Yes!'”

Daemen had dreamt of space travel since he was a kid, followed every development by space exploration companies like Blue Origin and got his pilot’s licence at a young age.

“We didn’t pay even close to $28 million (roughly Rs. 208.40 crores), but they chose me because I was the youngest and I was also a pilot and I also knew quite a lot about it already.”

Ping-pong in space
Reality still hasn’t sunk in three days after the journey.

“I don’t think I realised it until I was in the rocket: ‘wow, it’s really happening’,” he said. “It was my ultimate, ultimate goal … but I never thought it was going to be this soon.”

The crew received two days of safety training, but nothing very hard, said Daemen, who can be seen in a video of the trip tossing ping-pong balls in weightlessness with Jeff Bezos.

“That was super cool. It’s so weird to be weightless. It was easier than I had expected. It was kind of like being in water.”

Daemen, who is set to start at Utrecht University in September, said he was not sure what he wanted to do later in life, but would seriously consider a career in space travel.

Asked what it was like travelling in a rocket ship with a billionaire, he answered with a wide smile: “They were super fun and all down to earth, as funny as that may sound.”

© Thomson Reuters 2021


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Latest News Today – What’s Next For Amazon’s Jeff Bezos? Look At His

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What's Next For Amazon's Bezos? Look At His Instagram

Jeff Bezos will step down as Amazon’s CEO on Monday.

Dwayne “The Rock” Johnson said it was time to bust out the tequila.

Standing by the seashore, the celebrity wrestler and film star put his arm around Jeff Bezos, Amazon.com Inc’s founder. Bezos, in sunglasses, smiled for a picture and then shared it on the ‘gram. The men had just announced a movie deal for Amazon Studios.

Bezos, 57, is stepping down as Amazon’s CEO on Monday. He’ll remain executive chairman and the company’s biggest shareholder, but his Instagram account shows he has plenty of other interests to occupy his time.

The science fiction fan is planning a joy ride to suborbital space with his best friend and brother, Mark, this month, one recent post said. In another, Bezos is behind the wheel of an electric pickup truck built by Rivian, a startup that Amazon funded, traversing the desert in a cowboy hat to see a rocket capsule land.

The final frontier has long beckoned Bezos, who has poured billions of dollars into his company Blue Origin to promote tourism and infrastructure in space. The venture’s first crewed flight is to embark July 20, less than two weeks after Richard Branson’s Virgin Galactic to commence a new epoch of travel beyond earth.

Bezos leaves Amazon’s former cloud computing chief Andy Jassy to run a company that is bigger and more valuable than ever. It’s unclear how Bezos will govern from the sidelines.

Bezos, a hedge fund executive turned garage entrepreneur, long defined Amazon’s culture, through business adages like “customer obsession” and “have backbone; disagree and commit,” as well as curt emails to his team bearing just a question mark.

Neither Amazon nor Bezos responded to a request for comment.

Bezos said in an April letter to investors that he would focus on new initiatives as executive chair and making Amazon a better place to work. That followed employee frustration that surfaced during a failed unionization campaign in Alabama.

His Instagram, though, spotlights his interest in Tinsel Town. Bezos posted about Oscar nods and Golden Globe wins for Amazon Studios, and during his last annual meeting as CEO he talked about re-imagining screen heroes for the 21st century through Amazon’s deal to buy MGM.

(Not featured on his Instagram is a yacht, longer than a football field, which Bezos reportedly owns and which will come with a support yacht and helipad once it’s built, according to Bloomberg News. His partner, Lauren Sanchez, is a helicopter pilot.)

Bezos has also met with public officials to draw attention to his philanthropy. He discussed his climate efforts with French President Emmanuel Macron and gave Washington Governor Jay Inslee a tour of a homeless shelter, his posts show.

He’s had some fun with music stars Katy Perry, Lil Nas X and Lizzo, too.

He posted from the Super Bowl in 2020, “I just took a DNA test, turns out I’m 100% @lizzobeeating’s biggest fan.”

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Latest News Today – Richard Branson Planning Trip To Space Ahead Of Rival

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Richard Branson Planning Trip To Space Ahead Of Rival Jeff Bezos

“I truly believe that space belongs to all of us,” Richard Branson said.

Washington:

British billionaire Richard Branson one-upped his rival Jeff Bezos on Thursday, announcing that he too will travel to space — as many as nine days ahead of the Amazon founder.

Branson’s company Virgin Galactic said in a statement that he would be a “mission specialist” aboard the SpaceShipTwo Unity, which will go to space as early as July 11, “pending weather and technical checks.”

If the schedule holds, Branson would make it to the cosmos before Bezos, who said he would travel to space aboard the New Shepard launch vehicle belonging to his company Blue Origin on July 20.

The two billionaires have founded rival companies to take tourists on short flights to suborbital space.

Branson “will evaluate the private astronaut experience and will undergo the same training, preparation and flight as Virgin Galactic’s future astronauts.

“The Company will use his observations from his flight training and spaceflight experience to enhance the journey for all future astronaut customers,” Virgin Galactic said.

The company plans to livestream the flight.

Virgin Galactic’s spacecraft is not a classic rocket, but rather a carrier airplane that reaches a high altitude and releases a smaller spacecraft, the VSS Unity, that fires its engines and reaches suborbital space, then glides back to earth.

“I truly believe that space belongs to all of us,” Branson said.

“After more than 16 years of research, engineering, and testing, Virgin Galactic stands at the vanguard of a new commercial space industry, which is set to open space to humankind.”

After this flight, two more tests are expected before the start of regular commercial flights in 2022, according to Virgin Galactic.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Latest News Today – In This Pic Of Dwayne Johnson And Jeff Bezos

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In This Pic Of Dwayne Johnson And Jeff Bezos - One Went To Princeton, The Other...

Dwayne ‘The Rock’ Johnson met with Amazon CEO Jeff Bezos.

Amazon CEO Jeff Bezos attended a meeting with former wrestler-turned-actor Dwayne Johnson over the weekend to discuss an upcoming collaboration between their companies – and a picture from this meeting was shared on Instagram by Mr Johnson with a hilarious caption. “One of us graduated summa cum laude from Princeton,” The Rock, as he is commonly known, wrote while sharing the pic on Instagram. The other person in the photo, he revealed, once asked his criminal law professor to slip him a “few answers” so he could get an A in the midterm exams. 

It’s not difficult to figure out who is who. It is a well known fact that Jeff Bezos attended Princeton University and graduated in 1986 with the highest distinction. Mr Johnson, on the other hand, went to the University of Miami with a full football scholarship and graduated in 1995 with a Bachelor of General Studies in criminology and physiology.  

The photo he shared on Instagram shows Dwayne Johnson in a blue Amazon T-shirt with his arm around the Amazon chief.

In the caption, he announced that his company, Seven Bucks Productions, was teaming up with Amazon Studios “to deliver fun to families around the world” while asking his followers to look out for the big announcement, which will come later this week. 

“Shared passions and always putting in the hard work with our own two hands,” wrote Dwayne ‘The Rock’ Johnson. “I look forward to this one, brother.”

He also noted that the two were “sort of twinning” as they met to discuss work on the weekend. “And when I rock my Amazon shirt for our meetings to talk shop it sorta makes us twinning,” The Rock concluded his caption.

The photograph has racked up a whopping 1 million ‘likes’ and over 5,000 comments. It was also reposted by Mr Bezos on his own Instagram feed.

The Amazon CEO is a self-confessed fan of Dwayne Johnson. In 2018, he took his children to see Rampage, an action film starring The Rock. “I love Dwayne Johnson,” he wrote on Twitter, sharing a picture with the movie poster and tagging its lead actor. 

“Still working on my smolder,” he added in reference to The Rock’s previous leading role in Jumanji: Welcome to the Jungle.

“Haha brother the love and admiration is mutual,” Dwayne Johnson had responded.

What do you think? Let us know using the comments section.

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Latest News Today – Richard Branson’s Virgin Galactic Cleared for Takeoff as

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Billionaire Richard Branson’s spaceship company Virgin Galactic said on Friday it received approval from the US aviation safety regulator to fly people to space, turning up the pressure on rivals in the nascent and expensive space tourism sector.

The approval from the Federal Aviation Administration (FAA) comes at a critical time for Branson as his space venture faces off against Amazon founder Jeff Bezos’ Blue Origin and Tesla boss Elon Musk’s SpaceX.

Branson, Bezos, and Musk have been investing billions of dollars on their rocket startups.

Branson, who is reportedly flying to space himself in a bid to beat rival billionaire Bezos to the final frontier, received the green light just a month after a successful test flight.

Virgin Galactic last month completed its first manned space flight from its new home port in New Mexico in May, as its SpaceShipTwo craft with a capacity of six passengers glided to a landing on a runway safely with its two pilots.

“Today’s approval by the FAA … gives us confidence as we proceed toward our first fully crewed test flight this summer,” Virgin Galactic Chief Executive Officer Michael Colglazier said in a statement.

© Thomson Reuters 2021


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Billionaire Gautam Adani Has Biggest Wealth Surge, Beats | Sidnaz Blog

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Billionaire Gautam Adani Has Biggest Wealth Surge, Beats Musk, Bezos

Adani Enterprises signed a pact last month to develop 1 gigawatt of data center capacity in India.

Indian tycoon Gautam Adani has added more billions to his wealth than any one else in the world this year on the back of investor excitement around his ports-to-power plants conglomerate.

The net worth of Adani, a first-generation entrepreneur who rarely speaks publicly, has jumped $16.2 billion in 2021 to $50 billion, according to the Bloomberg Billionaires Index. This has made him the year’s biggest wealth gainer, beating even Jeff Bezos and Elon Musk, who have tussled in 2021 for the title of world’s richest. Shares of all Adani group stocks, except one, have rallied at least 50% this year.

The surge in wealth dwarfs the $8.1 billion added by Adani’s compatriot and the richest person in Asia, Mukesh Ambani. It also underscores the rising heft of the self-made billionaire, who has lured investment from Total SA to Warburg Pincus. Adani has been rapidly expanding his conglomerate, adding ports, airports, data centers and coal mines in India, while doggedly proceeding with his controversial Carmichael coal project in Australia.

6sokg6ak

“Adani has been consistently expanding its business in areas that are resilient to market cycles,” said Sunil Chandiramani, founder and chief executive officer at Nyka Advisory Services. “Now with the entry in data centers business, the group has also indicated its appetite for venturing into technology.”

Adani Enterprises Ltd. signed a pact last month to develop 1 gigawatt of data center capacity in India.

Adani Total Gas Ltd. has jumped 96% this year while the flagship Adani Enterprises has advanced 90%. Adani Transmission Ltd. is up 79%. Adani Power Ltd. and Adani Ports and Special Economic Zones Ltd. have gained more than 52% this year. Adani Green Energy Ltd., after rising over 500% last year, is up 12% so far.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Court Lifts Hold On Future’s $3.4 Billion Retail Deal In | Sidnaz Blog

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Court Lifts Hold On Future's $3.4 Billion Retail Deal In Setback For Amazon: Report

Future is India’s second-largest retailer with over 1,700 stores.

The Delhi High Court on Monday overturned an order that had stalled Future Group’s $3.4 billion deal to sell its retail assets, two sources said, in a setback for Future’s partner Amazon.com Inc, which has challenged the sale.

The court had last week sided with the US online retailer and put Future’s asset sale to Reliance Industries on hold, leading to an appeal from the Indian retail group.

A two-judge bench hearing Future’s appeal on Monday put on hold the previous ruling, which had effectively stalled the mega retail deal, two sources familiar with the proceedings said.

Future in its appeal had said its creditors would be at “significant risk” if the Reliance deal failed.

A detailed written order has yet to be made public.

Newsbeep

Amazon and Future did not immediately respond to requests for comment.

“It is a major setback for Amazon,” said one of the sources.

In a fight between two of the world’s richest men – Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani – the US giant has argued that Future breached certain contracts by agreeing to the deal with Reliance. Future has denied any wrongdoing.

Future is India’s second-largest retailer with over 1,700 stores and agreed to sell its retail businesses to market leader Reliance last year.

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Amazon’s Retail Side Won’t Be a Side Hustle | Sidnaz Blog

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Andy Jassy has big shoes to fill as Amazon.com’s new chief executive.



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Isaac Brekken/Associated Press

Amazon.com’s


AMZN 0.56%

new boss may come from the cloud. But the executive who helped pioneer elastic computing won’t be getting away from selling books, sweatpants and talking speakers soon.

Amazon announced earlier this week that

Andy Jassy,

current chief executive of the company’s AWS cloud division, will be running the whole company by the third quarter of this year. Mr. Jassy will succeed founder

Jeff Bezos,

and thus will be only Amazon’s second CEO in its 26-year history. Mr. Jassy has big shoes to fill, given Amazon’s place as the world’s second-largest public company by annual revenue, according to data from S&P Global Market Intelligence.

Mr. Jassy’s role with AWS spawned the predictable avalanche of interpretations that the cloud is now Amazon’s most important business. But the numbers suggest that won’t be the reality even in the foreseeable future. Consider that Amazon’s direct retail revenue from its online and physical stores, plus its third-party selling services, exceeded $294 billion last year—more than six times what AWS generated.

Now throw in Amazon’s subscription revenue—mostly comprising the fees Prime members pay to guarantee free and fast shipping—and Amazon’s retail revenue last year rises to $319.2 billion. Retail actually outgrew AWS last year by 8 percentage points, thanks in part to the surge in e-commerce brought on by the pandemic. But more-normal growth going forward won’t change that picture much. Even if Amazon’s retail business stopped growing completely, and AWS maintained its 30% rate from 2020, it would still take the cloud eight years to overtake retail.

The cloud will most certainly remain vital to Amazon—especially in fueling its growing bottom line. And Mr. Jassy’s success with the venture has well earned him a shot at the top job. AWS on its own would now rank as the ninth-largest tech company in the S&P 500 by annual revenue. But retail remains key to Amazon’s future; AWS actually started as the company renting out the technical capacity it had built to service its e-commerce business. The new boss of the Everything Store will need to prove as proficient as his predecessor at doing everything.

How will the pandemic affect America’s retailers? As states across the nation struggle to return to business, WSJ investigates the evolving retail landscape and how consumers might shop in a post-pandemic world.

Write to Dan Gallagher at [email protected]

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Jeff Bezos Sort of Goes Out on Top | Sidnaz Blog

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Even in a tech industry that accords founders near mythic status, Mr. Bezos was in a world of his own.



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Mark Wilson/Getty Images

There was never going to be an ideal time for

Jeff Bezos

to go. But now is probably as good as it is going to get.

“Go” is a relative term.

Amazon.com


AMZN 1.11%

took pains on Tuesday to point out that its famous founder isn’t really leaving. The company used the occasion of its fourth-quarter report to announce that Mr. Bezos is handing over the chief executive reins to

Andy Jassy

—a longtime lieutenant who has been running the company’s AWS cloud business since its inception. Mr. Bezos will become executive chair of the company, with the transition taking place in the third quarter of this year.

Still, it is a big move. Even in a tech industry that accords founders near mythic status, Mr. Bezos was in a world of his own.

Facebook

is the only other of the big tech giants still being actively managed by its founder, and Mr. Bezos was already a decade into his job when

Mark Zuckerberg

came up with the idea of the social network in his Harvard dorm. With 2020 revenue totaling about $386 billion, Amazon is also now more than four times the size of Facebook by that metric, and much larger than Apple,

Microsoft

or Google ever got under the management of their respective founders.

Still, a transition someday was inevitable—especially for a 57-year-old billionaire who likes to dabble in rockets, newspapers and life sciences. There likely won’t be a better time: Amazon just wrapped a year where its already strong businesses were boosted by the pandemic, which fueled both online shopping and demand for cloud-computing services. Fourth-quarter revenue and operating earnings blew past Wall Street’s estimates. Full-year sales surged 38%—the company’s best growth rate since 2011, when annual sales were about one-eighth their current level.

At the same time, the company faces an unprecedented number of challenges, especially as lawmakers and regulators crack down on big tech. Amazon is also unique among its big tech peers in that front-line workers make up such a big portion of its employee base, which now numbers nearly 1.3 million.

Brian Olsavsky,

Amazon’s chief financial officer, told reporters Tuesday that Mr. Bezos will remain “very involved”—especially on so-called “one-way door decisions” that are difficult to undo. That helped Amazon’s share price recover in after-hours trading, following an initial drop on the news. Even for a company seeming to fire on all cylinders, investors don’t seem ready to let Jeff Bezos blast off quite yet.

Write to Dan Gallagher at [email protected]

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