Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

AMAZON.COM, INC.

(AMZN)
  Report
Delayed Nasdaq  -  04:00 2022-09-23 pm EDT
113.78 USD   -3.01%
09/23Sierra Space weighs public offering to help fund space station, president says
RE
09/23Wall St slumps as investors fret on rate hikes and recession
RE
09/23Wall St tumbles as investors fret on rate hikes and recession
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Amazon: FTC probe hounding Bezos, execs; subpoenas too broad

08/16/2022 | 03:42pm EDT

WASHINGTON (AP) — Amazon has complained to federal regulators that they are hounding company founder Jeff Bezos and senior executives, making “impossible-to-satisfy demands” in their investigation of Amazon Prime, the popular streaming and shopping service with free delivery and an estimated 200 million members around the globe.

The Federal Trade Commission has been investigating the sign-up and cancellation practices of Amazon Prime starting in March 2021 with the issuance of civil subpoenas, the biggest online retailer and tech giant disclosed in a petition to the agency filed earlier this month.

The petition asks the FTC to cancel, or extend the deadline for answering, subpoenas sent last June to Bezos, Amazon's former CEO, and current CEO Andy Jassy. It says the FTC “has identified no legitimate reason for needing their testimony when it can obtain the same information, and more, from other witnesses and documents.”

Jassy took over the top position at Amazon from Bezos, one of the world's richest individuals, in July 2021. Bezos became executive chairman.

The FTC investigation has widened to include at least five other subscription programs, according to Amazon: Audible, Amazon Music, Kindle Unlimited, Subscribe & Save, and an unidentified third-party program not offered by Amazon. The regulators are asking the company to identify the number of consumers who were enrolled in the programs without giving their consent, among other customer information. In June, agency staff sought to serve subpoenas on nearly 20 current and former Amazon employees, at their homes, with dates for them to give testimony in coming weeks, the petition says.

Amazon says in the petition it has worked “diligently and cooperatively” with FTC staff for more than a year to provide information relevant to the probe, offering up some 37,000 pages of documents. It calls the information demanded in the subpoenas “overly broad and burdensome.”

Amazon blames the standoff on “unexplained pressure placed on staff to complete the investigation hastily, by an arbitrarily chosen deadline.”

FTC spokespeople didn’t immediately respond to a request for comment Tuesday.

With an estimated 150 million U.S. subscribers, Amazon Prime is a key source of revenue, as well as a wealth of customer data, for the Seattle-based company, which runs an e-commerce empire and ventures in cloud computing, personal “smart" tech and beyond. Amazon Prime costs $139 a year. The service added a coveted feature this year by obtaining exclusive video rights to the NFL’s “Thursday Night Football.”

Last year, Amazon asked unsuccessfully that FTC Chair Lina Khan step aside from separate antitrust investigations into its business, contending that her public criticism of the company’s market power before she joined the government makes it impossible for her to be impartial. Khan was a fierce critic of tech giants Facebook (now Meta), Google and Apple, as well as Amazon. She arrived on the antitrust scene in 2017, writing an influential study titled “Amazon’s Antitrust Paradox” when she was a Yale law student.

Amazon's latest petition to the FTC was first reported Monday by Business Insider.

This story has been corrected to show that Amazon's petition to the FTC was first reported Monday by Business Insider.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

All news about AMAZON.COM, INC.
09/23Sierra Space weighs public offering to help fund space station, president says
RE
09/23Wall St slumps as investors fret on rate hikes and recession
RE
09/23Wall St tumbles as investors fret on rate hikes and recession
RE
09/23Wall St slumps more than 2% as investors fret on recession worries
RE
09/23Wall St drops 2% as recession worries mount
RE
09/23Wall Street tests June lows on recession worries
RE
09/23Wall Street set for fresh bout of selling on growth angst
RE
09/23MARKETSCREENER'S WORLD PRESS REVIEW : September 23, 2022
MS
09/23France sets delivery fee for online book sales to help stores compete with Amazon
RE
09/22Wall Street ends down for third day as growth concerns weigh on tech
RE
More news
Analyst Recommendations on AMAZON.COM, INC.
More recommendations
Financials (USD)
Sales 2022 522 B - -
Net income 2022 532 M - -
Net Debt 2022 25 179 M - -
P/E ratio 2022 3 233x
Yield 2022 -
Capitalization 1 159 B 1 159 B -
EV / Sales 2022 2,27x
EV / Sales 2023 1,92x
Nbr of Employees 1 608 000
Free-Float 85,8%
Chart AMAZON.COM, INC.
Duration : Period :
Amazon.com, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AMAZON.COM, INC.
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 50
Last Close Price 113,78 $
Average target price 173,18 $
Spread / Average Target 52,2%
EPS Revisions
Managers and Directors
Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Jonathan Jake Rubinstein Lead Independent Director
Sector and Competitors
1st jan.Capi. (M$)
AMAZON.COM, INC.-29.64%1 159 140
JD.COM, INC.-25.35%79 923
COUPANG, INC.-45.27%28 408
JD HEALTH INTERNATIONAL INC.-26.44%18 298
ETSY, INC.-55.94%12 214
FSN E-COMMERCE VENTURES LIMITED-37.78%7 649