Technology
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.
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
Hollywood
Tom Holland to star alongside Matt Damon in Christopher Nolan’s next, will juggle that with Spider-Man 4 in 2025
Tom Holland, last seen in Apple TV show The Crowded Room last year, has signed his next with Academy Award-winning filmmaker Christopher Nolan.
Tom Holland is going to have a very busy 2025. As per The Hollywood Reporter, the actor has signed Christopher Nolan’s next, which he will juggle the filming of with that of the long-awaited Spider-Man 4. (Also Read – Tom Holland shares why he left alcohol behind: ‘Struggling without booze…’)
Tom signs Nolan’s next
This will mark the first collaboration between Tom and Christopher. While details of his next directorial aren’t known yet, it’s most likely not to have a contemporary setting. It’ll be either set in the past like, his previous film Oppenheimer (2023), or in the future like Interstellar (2014). Matt Damon, who has worked with Christopher in both, has also come on board his next.
Christopher’s next will be co-produced by him and his wife Emma Thomas’ banner Syncopy Inc and Universal Pictures, as the two production houses will team up after the Academy Award-winning blockbuster Oppenheimer last year. Prior to Oppenheimer, Christopher collaborated mostly with Warner Bros before having a fallout post the debacle of Tenet (2020).
Warner Bros then went on to produce Greta Gerwig’s musical satire Barbie, which clashed with Oppenheimer at the box office and even outperformed it globally. Warner Bros offered Christopher a cheque for the fees he waived off for helming Tenet during the pandemic. While Christopher graciously accepted the belated remuneration, he still went on to pitch his next to Warner Bros.
Tom’s busy schedule
Tom didn’t have any release this year. His last outing was Todd Graff’s psychological thriller show The Crowded Room on Apple TV last year. He’ll juggle the filming of Christopher Nolan’s next and Spider-Man 4 in 2025. Tom has been playing the superhero ever since Russo Brothers’ 2016 blockbuster Captain America: Civil War. He’s slipped into the Peter Parker shoes post that for three standalone films and two Avengers movies. Spider-Man 4 will be helmed by Shang-Chi and the Legend of the Ten Rings director Destin Daniel Cretton.
As Tom’s girlfriend and co-star Zendaya will be busy filming Spider-Man 4 in 2025, she’ll reprise her role of Chani in Denis Villeneuve’s sci-fi spectacle Dune 3 only in 2026. Meanwhile, Tom is also likely to make an appearance as Spider-Man in Russo Brothers’ Avengers: Doomsday, which will go on floors in the spring of 2025.
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