Big Tech giant Amazon said it\u2019s still early days for its international markets, including India, as it recorded $1.7 billion losses in its overseas business during the second quarter (Q2) of the year compared with a profit of $362 million in the year-ago period.<\/p>\n
Amazon\u2019s international operations saw net sales of a little over $27 billion during Q2 compared with $30 billion in the year-ago period.<\/p>\n
\u201cBroadly speaking of what’s going on with that business and the losses we’re seeing there and the investments, I think it’s important to remember it’s early in many of our international countries, particularly in some of our emerging or more recent launch countries such as India, Brazil, the Middle East,\u201d Dave Fildes, director, investor relations, Amazon, said in a post-earnings call.<\/p>\n
He added there was a $231 million worth unfavourable impact included in the $1.7 billion loss.<\/p>\n
Germany, the UK, and Japan are considered established international markets for the Seattle-based ecommerce major.<\/p>\n
\u201cIn our emerging locations, there’s a healthy amount of investment we’ve done to drive expansion. We expect to continue to do that given the strong competition across many of these markets.\u201d Fildes added.<\/p>\n
Last month, Amazon India\u2019s country manager for the consumer business Manish Tiwary told ET it will double down on social commerce and local kirana stores to acquire additional 500 million users. Amazon has been in India for nine years and counts more than 100 million users here.<\/p>\n
\u201cI strongly believe that to get to the next 500 million customers, we need a couple of million more sellers on this marketplace. This set of new sellers will largely be physical stores,\u201d Tiwary told ET last month.<\/p>\n
In total, Amazon recorded net sales of over $121 billion in Q2 compared to $113 billion in the year-ago period. It recorded a loss of $2 billion in the quarter under review.<\/p>\n","protected":false},"excerpt":{"rendered":"
Big Tech giant Amazon said it\u2019s still early days for its international markets, including India, as it recorded $1.7 billion losses in its overseas business during the second quarter (Q2) of the year compared with a profit of $362 million in the year-ago period. Amazon\u2019s international operations saw net sales of a little over $27 billion during Q2 compared with $30 billion in the year-ago period. \u201cBroadly speaking of what’s going on with that business and the losses we’re seeing there and the investments, I think it’s important to remember it’s early in many of our international countries, particularly in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-799384","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/799384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=799384"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/799384\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=799384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=799384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=799384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}