Jul 25, 2019

Alphabet and Amazon rake in higher revenues

Google-parent Alphabet and the online retail giant Amazon have both reported a near 20% rise in revenues for the latest quarter. Amazon reported profits that were lower than expected, as it invests to speed up delivery times. Amazon, which is shifting away from buying and selling products itself, and focusing on its role as a marketplace for other merchants, reported revenues for the latest quarter of $63.4bn. "Customers are responding to Prime's move to one-day delivery - we've received a lot of positive feedback and seen accelerating sales growth," Jeff Bezos, Amazon founder and chief executive, said in Thursday's news release. Alphabet's revenues rose 19% compared to a year earlier, to $38.9bn. Sundar Pichai, Google's chief executive, said both its traditional services and new technology such as artificial intelligence were fuelling the firm's growth. While the DoJ did not identify specific firms by name, the scope of the investigation is widely believed to include Alphabet and Amazon as well as Facebook and potentially Apple.

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