The local share market is set to fall from near record highs on Friday. Wall Street finished mostly higher, while Amazon's cloud revenue missed expectations. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
The local share market is set to fall from near record highs on Friday, while the Australian dollar regained some ground overnight.
Australian businesses are being squeezed with lower revenues and higher costs, particularly their wages bill — and firms are readying themselves to slash costs.says businesses are now showing the pain of recent low levels of economic growth. The company's cloud unit, Amazon Web Services , reported a 19% rise in revenue to $US28.79 billion, falling short of estimates of $US28.87 billion, according to data compiled by LSEG.The cloud weakness comes at a time when investors have grown increasingly impatient with big tech's multi-billion-dollar capital spending and are hungry for returns from hefty investments in AI.
Still, Amazon's retail business helped offset the cloud weakness, with the company reporting online sales growth of 7% in the quarter to $US75.56 billion. That compared with estimates of $US74.55 billion. Net income nearly doubled to $US20 billion from $US10.6 billion a year earlier. The Seattle retailer reported earnings of $US1.86 per share, compared with expectations of $US1.49 per share.sales have been on the decline, dropping 17 per cent in Australia last year, and 30 per cent in January compared to the same time in 2024.
says the Bank of England's monetary policy committee has become more concerned about the economy, but revised up its inflation forecasts.will be reporting its latest earnings in the not to distantsays, in theory, Mr Trump's tariffs and closure of the "de minimis" loophole would also impact Amazon in the US."When most people shop on Amazon, they don't really think that they're shopping from a marketplace.
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