Amazon.com, Inc. (NASDAQ: AMZN) has announced that it is taking further action against Russia. The company will now suspend product shipment in the country. It will also suspend shipment to Belarus for its role in the invasion. Moreover, Amazon will cut off Russia’s access to Prime Video.
Amazon has explained that its long-standing policy avoids business interactions with Russia. For this reason, it has no AWS and Amazon offices in the country. The company also won’t accept new AWS subscribers from the two countries.
Reliance Industries outsmarted Amazon in the struggle for dominance in Indian markets
Mukesh Ambani, who owns Reliance Industries and Amazon, have been competing to get a higher market cap in India’s retail markets. As a result, Amazon has been in a legal struggle with Future Group to stop the latter from selling $3.4 billion in assets to Rival.
However, Amazon and Future decided to settle the matter after Rival began a takeover of 500 Future stores that might have made Amazon reconsider the lawsuit.
Meanwhile, Amazon’s board members authorized a 20-for-1 share split and a $10 billion share buyback strategy. Amazon hasn’t had a stock split since 1999. This move will give its investors 19 more shares for each share. Investors can begin trading using this share price on June 6.
Amazon announces share split
Many prominent companies have been splitting their shares since 2020. The most recent one was Alphabet Inc Class C (NASDAQ: GOOG). Others are Nvidia, Tesla, and Apple Inc (NASDAQ: AAPL).
Amazon has also outperformed the Zacks Internet Commerce industry. The company’s performance is due to the growing popularity of Amazon Music, Prime and its relationship with third-party vendors.
AWS contributes to Amazon’s success as more people adopt the cloud platform. Furthermore, AWS’ willingness to expand its portfolio is also making it a preferred platform for customers.
The company is also expanding its smart home product offering while continuously improving Alexa, a favorite among its customers. The company also has a solid presence worldwide to sustain and increase its profits. However, supply chain issues, inflation, and labor shortages are still a concern for Amazon.
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