Amazon reported net income of $1.6 billion for the quarter ended March 31, 2017 (Q1 2018), more than double of the $724 million net income reported in the corresponding quarter last year. The company’s total revenues for the quarter stood at $51 billion, up 43% from $35.7 billion in Q1 2017. The company's operating income also nearly doubled to $1.92 billion this quarter from around $1 billion in Q1 2017. Driven by big investments in India the e-retail giant's global losses grew 29% to $622 million compared to $481 million in the March quarter of 2017. The number, however, was lower than the $900 million peak from the December quarter (Q4 2017). The company's international sales increased by 34.5% to $14.8 billion from $11 billion in the same period. Amazon will continue to invest in India Despite this, the company does not seem to be wavering in its plans in India, "We'll continue to invest in India where we're seeing great progress with both sellers and also customers. And we like the momentum we've seen there," CFO Brian Olsavsky said during the earnings call. "The Prime program started in the first year in India grew faster than any Prime program we've seen in other countries. We're adding local content in India, video content. We're also adding other Prime benefits. We're rolling out devices there, and we're seeing Indian developers developing skills for Alexa," In his letter to shareholders last week, Jeff Bezos highlighted India as a 'milestone', stating that Amazon.in…
- Interoperable Payment System For Net Banking To Be Launched This Year: RBI March 5, 2024
- What remains unclear about Indian Government’s advisory on AI models March 5, 2024
- Europe fines Apple €1.8 billion in Spotify antitrust probe, orders it to remove anti-steering provisions March 5, 2024
- Communication Ministry launches Digital Intelligence Platform for collaborative action against cybercrime March 5, 2024
- Meta’s GAC Orders in India More Than Double in January 2024: Transparency Reports March 5, 2024
This should facilitate quicker settlement of funds for merchants and also boost user confidence in digital payments, RBI Governor said.
While Chandrasekhar said the advisory doesn't include startups, the advisory itself does not make any such classification based on platform sizes.
Europe fines Apple €1.8 billion in Spotify antitrust probe, orders it to remove anti-steering provisions
The case dates back to 2019 when Spotify filed a complaint against Apple's anti-steering rules which prevented apps like Spotify from informing their users...
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Views: Response to NPCI CEO’s comments that what is not written in regulations is a no-go for fintech entities
NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...
Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...
The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...