Amazon was down 7 percent around 5 a.m. Dutch time. The group once again benefited greatly from home shopping consumers in the past quarter. However, the company expects the growth rate to slow down in the third quarter, now that stores have reopened and people can shop there instead of on the internet.
The Luxembourg fine of 746 million euros for the group is the largest privacy money penalty ever imposed in the European Union. Amazon allegedly violated strict data protection rules when collecting and using personal data. The company says the allegations are unfounded. Amazon therefore plans to appeal.
Pinterest’s share also fell more than 17 percent. Of all the internet companies that have benefited from lockdowns, picture site Pinterest seems to be the first victim of the relaxation of corona measures. Now that many people have more opportunities to go out, they are increasingly ignoring the platform for photos of creative inventions. In the second quarter, Pinterest had 454 million users who visited the platform on a monthly basis. That was 24 million fewer than in the first three months of 2021.
The main stock market indicators in New York went down. The Dow Jones Industrial Average was 0.1 percent lower at 35,040 points. The broad S&P 500 fell 0.4 percent to 4400 points and technology exchange Nasdaq fell 0.7 percent to 14,682 points.
Procter & Gamble was up 2 percent. The care and cleaning products group expects to grow less rapidly in the coming period than in the past quarters. At the same time, the company behind brands such as Gillette, Pampers and Ariel is struggling with rising prices for raw materials and transport, which affects its profits. Industry colleague Colgate-Palmolive also came up with results. In addition, the company behind Colgate toothpaste, among others, became more cautious about profit growth. That was punished by investors with a price loss of almost 4 percent.
Oil companies Chevron (plus 1.4 percent) and ExxonMobil (minus 0.4 percent) also presented their quarterly figures. They benefited from the rise in oil prices and managed to record billions of profits as a result. A year ago, they plunged deep into the red after oil prices plummeted.
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Amazon gives up on Wall Street after figures and fine | Financial
Source link Amazon gives up on Wall Street after figures and fine | Financial