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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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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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3 weeks ago

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January 30, 2025

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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