Amazon shares drop on slowing online sales growth By Reuters

Category: Business

Amazon's shares dropped over 12% following a report of slowing online sales growth and a shift in consumer behavior towards cheaper options. The company's online store sales increased by 5% in the second quarter, but competition from discount retailers like Temu and Shein is intensifying. Despite challenges, Amazon's cloud computing revenue exceeded expectations, rising 19% to $26.3 billion.

Keywords: Amazon, e-commerce, cloud computing

Source: Investing.com

Update At: 8/3/2024

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