Amazon’s once-booming e-commerce sales hit major low
The company’s e-commerce business reported a $1.28 billion loss internationally
Amazon Inc’s (NASDAQ: AMZN) disappointing results came as surprise for investors on Wall Street on Thursday.
While have product sales been flatlined, and revenue at its main online-shopping business segment has stagnated for six months, the company has said that the overall sales might slow down furthermore.
The biggest hit to the company was its e-commerce business which reported an operating loss of $1.57 billion in North America and $1.28 billion internationally.
Amazon has managed to gain a stronghold in the market as U.S. e-commerce grew rapidly. The online retail business got a huge boost during the earlier days of the pandemic, but its market share grew by just 0.2% in 2021 and so far in 2022, the slowest rate in years, reported Wall Street Journal.
