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Amazon Reports Slump in Profits Due to Labour, Supply Issues; Expects It to Continue Through Holiday Quarter

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3 years ago

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Amazon Reports Slump in Profits Due to Labour, Supply Issues; Expects It to Continue Through Holiday Quarter

Amazon reported on Thursday that the decline in profits is expected to continue into the holiday quarter, as increased wages and other operational disruptions to attract employees reduced the company’s windfall from online shopping. The stock price fell 4% in after-hours trading.

After a year of sensational performance, the world’s largest online retailer faces a tougher outlook. In the face of a tight labor market, it has raised the average wage of its warehouses in the United States to $18 (approximately Rs 1,350) per hour and introduced higher signing bonuses to attract the blue-collar employees it needs to maintain a high-turnover business. At the same time, the company is responding to global supply chain challenges. It doubled its container handling capacity, expanded its delivery partner program, and increased its warehouse investment—all at a considerable price.

The company said that it expects operating profit for the quarter to be between 0 and 3 billion U.S. dollars (approximately Rs 224.4 billion), which is lower than the USD 6.9 billion (approximately Rs 516.12 billion) announced by Amazon last year. In the just-concluded third quarter, net income fell by about 50% to US$3.16 billion (approximately 236.37 billion rupees), the first time since the beginning of the US coronavirus pandemic. Andy Jassy, ​​who became CEO in July, said in a statement that Amazon is facing rising shipping costs, rising wages and worker shortages.

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These labor challenges, coupled with declining productivity and cost inflation, have increased Amazon’s spending this quarter by US$2 billion (approximately Rs 14,960 crore), which is expected to double during the holiday period. He said that Amazon “is doing everything possible to minimize the impact of this holiday on customers and sales partners.” “In the short term this will be expensive for us, but for our customers and partners, this is the right order of priority.” The retailer worked hard to prevent a repeat of the 2013 Christmas season, as the delay caused some people to have no gifts on Christmas Day.

Amazon’s efforts to staff its warehouses pose challenges for competitors this holiday season. Retailers are already facing the difficulty of placing popular toys, gadgets and sneakers on their shelves. According to the results announced on Thursday, supply chain problems also cost Apple US$6 billion (approximately Rs 44,880 crore) in sales. Apple CEO Tim Cook said that the impact of the holiday sales quarter will be more serious.

Michael Pachter, an analyst at Wedbush Securities, said that Amazon’s supply chain challenges surprised him because he believes that the company has a large number of products on its shelves that can replace products stranded on container ships. “I think they will be fine because of their choice,” he said. “Obviously this is not true.”

News Source : Gadgets 360

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Music

While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

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3 weeks ago

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January 2, 2025

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While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

Prime Minister Narendra Modi recently met acclaimed singer- actor Diljit Dosanjh, describing their interaction as “very memorable.” 
Prime Minister Narendra Modi met singer-actor Diljit Dosanjh and lauded him as “a combination of talent and tradition.” During the “memorable’ meeting”, the two discussed music, culture, and India’s vibrancy, including yoga.

Diljit, PM Modi match beats

During the meeting, PM Modi praised Diljit for his achievements, saying, “When a boy from a small village in Hindustan shines on the global stage, it feels amazing. Your family named you Diljit, and you keep on winning people’s hearts, just as your name suggests.”

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Diljit responded, “We used to read that ‘Mera Bharat Mahan’ (My India is great), but when I travelled across India, I realised why people say this.” PM Modi highlighted India’s diversity, saying, “India’s vastness is its strength. We are a vibrant society.”

Diljit added, “The greatest magic in India is yoga.” PM Modi agreed, saying, “Those who have experienced yoga know its power.”

The singer-actor also admired PM Modi’s personal journey, saying, “I had watched your interview, sir. The position of Prime Minister is great, but behind it, there is a mother, a son, and a human being. Many times, this half-truth is much larger when you carry your mother and the sacred Ganga with you. That touches the heart.”

Diljit then sang a song on Guru Nanak, as PM Modi listened intently, beating the adjacent table like a dholak, matching his beats with Diljit’s.

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Diljit, PM Modi express grattitude

After the meeting, Diljit Dosanjh expressed his gratitude, calling it a “fantastic” way to start the year. He posted on X, “A fantastic start to 2025. A very memorable meeting with PM @narendramodi Ji. We talked about many things, including music, of course!”

PM Modi responded to Dosanjh’s post, describing their meeting as “a great interaction.” He said, “A great interaction with Diljit Dosanjh! He’s truly multifaceted, blending talent and tradition. We connected over music, culture, and more.”

Diljit recently concluded his Dil-Luminati tour in India with a grand performance in Ludhiana. Throughout his concerts at various venues, the singer aimed to address important social issues during his performances.

In a lighthearted and endearing moment, Prime Minister Narendra Modi was seen enjoying the beats of a Punjabi vocalist, tapping the table in rhythm like a dholak player during a recent cultural event. The video, which has since gone viral, showcases PM Modi replicating the infectious energy of Diljit Dosanjh’s iconic beats, capturing the essence of Punjabi music’s vibrancy and rhythm.

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The event brought together various cultural performers, with one Punjabi vocalist stealing the spotlight. As the singer crooned traditional Punjabi tunes, PM Modi, seated among other dignitaries, began enthusiastically tapping the table in sync with the music. His gestures resembled a seasoned dholak player, displaying his spontaneous connection with the pulsating beats.

The audience present erupted in applause, cheering on the Prime Minister’s engaging participation. Social media users were equally charmed, with many praising Modi’s ability to connect with the cultural diversity of India. “Modi Ji has the rhythm of a true Punjabi!” one user commented, while another said, “This is the energy we love to see in our leader.”

The moment also highlighted PM Modi’s commitment to celebrating India’s rich cultural heritage. His natural enjoyment of the performance reflects his appreciation for the art and music that unify the diverse communities of India.

Such lighthearted and relatable gestures from leaders often resonate deeply with the public, making them feel connected on a personal level.

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#PMModi #DiljitDosanjhBeats #PunjabiMusicVibes #CulturalCelebration #DholakBeats #IndiaUnity #MusicConnects #ViralMoment #PMModiInAction #PunjabiHeritage

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