Monday, August 20, 2018 Headlines & Global News

Headlines

Amazon reports hefty profits

Amazon Reports Huge Profits From Minimal Revenues

Jul 31, 2018 04:06 PM EDT

Amazon, the world's largest online retailer, reported its operating results for the second quarter were a mixed bag, but analysts took heart in that profits came in more than double that of Wall Street expectations despite weaker revenues. The Seattle retail and tech monster reported earnings-per-share of $5.07 on Thursday, which was higher than analysts' estimates of $2.49 per share, and a massive twelve-fold increase year-on-year to a record $2.5 billion. This result is the third consecutive quarter where Amazon exceeded $1 billion in profits. Amazon's quarterly profit rose past the $1 billion level for the first time in the fourth quarter of 2017. On the other hand, Amazon's sales of $52.9 billion missed analysts' expectations of $53.35 billion. Net sales for Amazon Web Services (AWS) rose to 49 percent to $6.1 billion compared to $4.1 billion for the same period in 2017. Amazon's stock was up nearly four percent in after-hours trading yesterday. Amazon's total revenue (including sales from Whole Foods) rose 39 percent year-on-year. North America revenue jumped 44 percent to $32.1 billion, while international sales grew 27 percent to $14.6 billion. The rise in profits is largely driven by the growth of Amazon's high-margin businesses, like cloud and advertising. The two business units were a "big contributor" to profit growth as Amazon's traditional retail business only generates thin margins, said Amazon CFO, Brian Olsavsky. He also credited better efficiencies in Amazon's warehouses and data centers, and the growth of Amazon's higher-margin third-party marketplace for the hefty profits. Revenues from Amazon's cloud service grew for the third straight quarter, this time to $6.1 billion. This 49 percent year-over-year growth occurred despite increased competition from Microsoft and Google. Cloud service revenue is only 11 percent of Amazon's total sales, but its operating income of $1.6 billion accounted for 55 percent of the total. Amazon's other revenues came in at $2.2 billion, 132 percent higher than Q2 2017. This is the second-straight quarter Amazon exceeded $2 billion in advertising revenue. Amazon saw an increase in its workforce to record-high 575,700 employees in the quarter. That's 51 percent from last year and a two percent increase from the past quarter. The downside to this pretty picture is Amazon's horrible and enduring reputation of paying its employees, especially its contractual employees, wages below the minimum wage. And it's a fact Bezos earns more every minute than Amazon's lowest-paid workers do in an entire year. Amazon's seasonal workers are only paid around $11.50 per hour plus overtime for shifts of 10 or more hours.

Apple iPhone

Apple iPhone's Future In Question In US-China Trade Battle: Price May Rise Soon

Jul 27, 2018 02:47 PM EDT

Apple's most loved product: iPhone may soon see some serious drawbacks as it may fall as a victim of the trade battle between China and the United States.

Mystery of purple lights in sky solved with help from citizen scientists

Mystery of purple lights in sky solved with help from citizen scientists

Mar 14, 2018 02:30 PM EDT

Mystery of purple lights in sky solved with help from citizen scientists

US Alaska Hit with Scale 7.9 Earthquake Leading to Western Tsunami Warning

US Alaska Hit with Scale 7.9 Earthquake Leading to Western Tsunami Warning

Jan 23, 2018 05:18 PM EST

US Alaska Hit with Scale 7.9 Earthquake Leading to Western Tsunami Warning

Bronx Firefight

Hard Lessons from Deadly Bronx Fire Started by Unattended Child

Jan 01, 2018 05:22 PM EST

Hard Lessons from Deadly Bronx Fire Started by Unattended Child

Worldwide Stock Exchange

Europe's Top Companies Play Subordinate Role On Stock Exchanges

Jan 01, 2018 05:22 PM EST

Europe's top companies play a subordinate role on stock exchanges

Koptic Church in Cairo

Egypt: Several Dead And Injured In Attack On Church Near Cairo

Jan 01, 2018 05:21 PM EST

Egypt: Several Dead And Injured In Attack On Church Near Cairo

Pollution in China

China Blasts Over 18,000 Officials For Anti-Pollution Violations

Dec 29, 2017 09:44 AM EST

China Blasts Over 18,000 Officials For Anti-Pollution Violations

Trump

Trump Expresses Disappointment China Permits Sale Of Oil To North Korea

Dec 29, 2017 09:44 AM EST

Trump expresses disappointment China permits sale of oil to North Korea

Riyadh

Apple And Amazon Discussing How To Establish A Direct Presence In Saudi

Dec 29, 2017 09:43 AM EST

Apple and Amazon discussing how to establish a direct presence in Saudi

Stop Terror

At Least 42 Dead In Attack On Culture Center In Kabul

Dec 29, 2017 09:43 AM EST

At least 42 dead in attack on culture center in Kabul

Prince Harry

Prince Harry: Christmas With Meghan Was "Fantastic"

Dec 27, 2017 12:09 PM EST

Prince Harry: Christmas With Meghan Was "Fantastic"

Rihanna

Rihanna Mourns - Cousin Shot Dead At Christmas

Dec 27, 2017 11:27 AM EST

Rihanna mourns - Cousin shot dead at Christmas

Pope Francis

Pope Calls For Compassion For The Persecuted

Dec 27, 2017 11:26 AM EST

Pope Calls For Compassion For The Persecuted

Trump

Islamic States Counter Trump's Jerusalem Decision

Dec 27, 2017 11:26 AM EST

Islamic States counter Trump's Jerusalem decision

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