Amazon

MADRID (AP) — A Spanish court has ruled that Amazon broke labor laws by forcing more than 2,000 delivery drivers to use an app that the company controlled for scheduling work and payments and requiring them to use their own cars and cellphones on the job. Amazon could not treat workers using its Flex app as self-employed because the e-commerce giant's Spanish subsidiary “assumes the authority to make all decisions regarding the service, setting the conditions of execution and remuneration, and the circumstances of the day, time and duration” of labor, according to the Madrid labor court's decision released Friday. Amazon stopped using the Flex app in Spain in 2021. Friday's ruling is the result of a lawsuit brought by Spain’s social security body following a 2019 labor inspection at an Amazon facility. The government agency is seeking to recoup payments that it says Amazon should have made on behalf of the drivers. Amazon has long argued that Flex was an intermediary … [Read more...] about Spanish court: Amazon violated labor law with delivery app

E-commerce giant Amazon recently reported fourth-quarter sales beating analysts’ estimates, but reported its first unprofitable year since 2014 due largely to its fizzling investment in electric truck builder Rivian. The company’s sluggish first-quarter guidance has caused its stock to drop more than four percent in morning trading. CNBC reports that e-commerce giant Amazon recently reported higher-than-expected revenue for the fourth quarter, but the stock fell after the company provided first-quarter guidance that fell short of analysts’ expectations. Workers pack and ship customer orders at the 750,000-square-foot Amazon fulfillment center on August 1, 2017 in Romeoville, Illinois. (Photo by Scott Olson/Getty Images) (INA FASSBENDER/AFP via Getty Images) In its 25 years as a publicly traded company, the e-commerce behemoth experienced its slowest year of growth. Blaming inflationary pressures and rising rates that affect consumer spending, the company’s annual … [Read more...] about Not So Prime: Amazon’s Sluggish Growth Forecast Causes Stock to Drop

This is a carousel. Use Next and Previous buttons to navigate 5 Wall Street had its eyes Friday on big tech after some of the biggest companies in the world posted lackluster quarterly financial performances. That included Apple Inc. The company posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season. Amazon reported worse-than-expected fourth-quarter profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth. Google’s parent company Alphabet posted a lower profit and a small revenue increase for last year’s fourth quarter, as a decline in online ad spending and competition from rivals weigh on the search giant. While overall revenue grew, advertising revenue fell by nearly 4% and revenue at YouTube declined 8% year-over-year. … [Read more...] about Google, Apple, Amazon give investors reason to fret

After the excitement of the holidays and before the anticipation of spring break , there is another highly awaited classroom observance that schools all over the country will be celebrating: the 100th day of school. The 100th day is an important milestone because it means students are more than halfway through the year, as most schools have 180 days in their calendar year. It is also a great occasion to highlight how much children have learned since their academic year began. Marking the 100th day is particularly popular in kindergarten to second-grade classrooms because teachers are still heavily focused on reinforcing basic math skills and numbers. "When we start the school year, I talk to the kids about celebrating 100 days, and they really can't grasp how many days that is," says teacher Sara Garcia of St. John Paul II Catholic School in Houston. "In my classroom, we count the days, and when the kids return from their holiday break in January, the excitement begins because … [Read more...] about Academic milestone ‘100 days of school’ explained in Texas

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Friday: Ford Motor Co., down $1.09 to $13.12. The automaker reported disappointing fourth-quarter earnings and said its costs are too high. Amazon.com Inc., down $9.52 to $103.39. The online retail giant's fourth-quarter profit slumped and missed analysts' forecasts. Alphabet Inc., down $2.96 to $104.78. Google's parent company reported weak fourth-quarter financial results amid a decline in ad spending and increased competition. Starbucks Corp., down $4.85 to $104.30. The coffee chain's fiscal first-quarter profit and revenue fell short of Wall Street forecasts. Nordstrom Inc., up $5.24 to $26.38. Activist investor Ryan Cohen has reportedly built a big stake in the department store operator. Clorox Co., up $13.77 to $154.77. The maker of bleach and other household products reported strong fiscal second-quarter financial results. Boyd Gaming Corp., up $4.34 to $66.48. The casino … [Read more...] about Ford, Starbucks fall; Clorox, Gilead Sciences rise

A new era of austerity Shares in tech companies are in retreat after investors got sobering news on Thursday about three of the industry’s giants — Alphabet, Amazon and Apple — including slowing demand for everything from iPhones to digital ads to cloud services. “You’re hearing that from, I would think, everybody ,” Tim Cook of Apple said of the challenging environment on CNBC. That outlook is largely responsible for Nasdaq 100 futures being down 1.4 percent this morning, eroding Thursday’s big tech stock gains after investors hoped that the Facebook parent Meta had shown tech how to operate in leaner times. Plenty of headwinds are hitting the tech sector. Central bankers this week reiterated that they’re not done raising interest rates (even if market participants don’t fully believe it ). Together with a slowing economy, that has led companies and consumers alike to spend less — a move toward austerity that tech companies have now embraced , after years of rocketing … [Read more...] about Tech Earnings Give a Wake-Up Call to Investors