jimnyc
04-22-2020, 02:52 PM
I too noticed this with some products from the get go. It wasn't with everything. And they did this as they deleted the ads of millions of others, but many others made it through and still do. But seems the innocent of raising prices is few and far between. :(
Then the 2nd article talks of what they are profiting during this time. With their delivery service, they are making a killing right now!! No damn need to raise any prices. $10,000 for EVERY SECOND!!??
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Amazon sued for ‘price gouging as cost of essential items soared by up to 1,000%’ during coronavirus pandemic
AMAZON is facing a lawsuit in California over its alleged price gouging of health products during the coronavirus.
In documents filed in the US District Court for the Northern District of California, Amazon.com Inc is accused of "unlawful price increases during the COVID-19 pandemic".
California’s Unfair Competition Law prohibits raising the price of some consumer goods and services by more than 10 per cent after an emergency has been declared.
Goods include food and drink, cleaning products, personal hygiene products - such as toilet paper - medical supplies, and emergency supplies, such as water, candles and batteries.
Face masks
Amazon is accused of selling face masks at a 500 per cent price hike, increasing from less than $20 to $120;
Pain reliever
Amazon is accused of hiking prices of pain reliever from $18.75 to $62.40, an increase of 233 per cent.
Flour
Flour allegedly increased up to 400 per cent, from $22 to $110, according to the suit.
Black beans
The price rose from $4.65 up to $35.99, an increase of up to 674 per cent, the suit alleges.
Disinfectants
Amazon is accused of hiking prices by 100 per cent, from $14.99 to $29.99.
Rest - https://www.the-sun.com/news/721253/amazon-sued-price-gouging-essential-items-coronavirus/
$10,000 a second? Amazon’s results could be amazing
Amazon will tell the world soon just how much money it has made from the “unprecedented demand shift” to its site from millions of people under lockdown conditions around the world.
The retailer, which is run by the world’s richest man, Jeff Bezos, will release its sales and profit figures for the first three months of the year (including the first few weeks of the lockdown in the UK and much of Europe and the US) on 30 April.
Analysts forecast Amazon to report first-quarter revenues of $73bn (£58bn). That would be up nearly 22% on the same quarter last year, and works out as sales of $10,000 every second, day and night.
Sales at Amazon had already been increasing, but analysts at Bank of America say the lockdown has fuelled an “unprecedented demand shift” to online sellers.
While most businesses have been hit hard by the impact of the pandemic and the looming recession, shares in Amazon have risen to a record high as hundreds of millions of people stuck indoors turn to the delivery giant to keep them fed and entertained.
Josh Brown, chief executive of Ritholtz Wealth Management, said: “Amazon became a utility in this crisis – defensive, reliable, indispensable.”
Analysts at the US investment bank Cowen likened the impact of the lockdown to the Black Friday shopping frenzy in November, or Amazon’s own Prime Day sale in July. “Amazon has seen an ‘enormous increase in demand’ as shoppers are forced to stay home, essentially creating an extended Prime Day/Black Friday type of situation,” they wrote.
Amazon’s share price is up 42% in the past month, hitting a record high above $2,400 last week. One month ago they were changing hands at $1,689.
At these prices the business is valued at $1.2tn, making it the third biggest US company after Microsoft ($1.35tn) and Apple ($1.25tn).
Rest - https://www.theguardian.com/technology/2020/apr/18/amazon-quarterly-results-10000-dollars-a-second
Then the 2nd article talks of what they are profiting during this time. With their delivery service, they are making a killing right now!! No damn need to raise any prices. $10,000 for EVERY SECOND!!??
--
Amazon sued for ‘price gouging as cost of essential items soared by up to 1,000%’ during coronavirus pandemic
AMAZON is facing a lawsuit in California over its alleged price gouging of health products during the coronavirus.
In documents filed in the US District Court for the Northern District of California, Amazon.com Inc is accused of "unlawful price increases during the COVID-19 pandemic".
California’s Unfair Competition Law prohibits raising the price of some consumer goods and services by more than 10 per cent after an emergency has been declared.
Goods include food and drink, cleaning products, personal hygiene products - such as toilet paper - medical supplies, and emergency supplies, such as water, candles and batteries.
Face masks
Amazon is accused of selling face masks at a 500 per cent price hike, increasing from less than $20 to $120;
Pain reliever
Amazon is accused of hiking prices of pain reliever from $18.75 to $62.40, an increase of 233 per cent.
Flour
Flour allegedly increased up to 400 per cent, from $22 to $110, according to the suit.
Black beans
The price rose from $4.65 up to $35.99, an increase of up to 674 per cent, the suit alleges.
Disinfectants
Amazon is accused of hiking prices by 100 per cent, from $14.99 to $29.99.
Rest - https://www.the-sun.com/news/721253/amazon-sued-price-gouging-essential-items-coronavirus/
$10,000 a second? Amazon’s results could be amazing
Amazon will tell the world soon just how much money it has made from the “unprecedented demand shift” to its site from millions of people under lockdown conditions around the world.
The retailer, which is run by the world’s richest man, Jeff Bezos, will release its sales and profit figures for the first three months of the year (including the first few weeks of the lockdown in the UK and much of Europe and the US) on 30 April.
Analysts forecast Amazon to report first-quarter revenues of $73bn (£58bn). That would be up nearly 22% on the same quarter last year, and works out as sales of $10,000 every second, day and night.
Sales at Amazon had already been increasing, but analysts at Bank of America say the lockdown has fuelled an “unprecedented demand shift” to online sellers.
While most businesses have been hit hard by the impact of the pandemic and the looming recession, shares in Amazon have risen to a record high as hundreds of millions of people stuck indoors turn to the delivery giant to keep them fed and entertained.
Josh Brown, chief executive of Ritholtz Wealth Management, said: “Amazon became a utility in this crisis – defensive, reliable, indispensable.”
Analysts at the US investment bank Cowen likened the impact of the lockdown to the Black Friday shopping frenzy in November, or Amazon’s own Prime Day sale in July. “Amazon has seen an ‘enormous increase in demand’ as shoppers are forced to stay home, essentially creating an extended Prime Day/Black Friday type of situation,” they wrote.
Amazon’s share price is up 42% in the past month, hitting a record high above $2,400 last week. One month ago they were changing hands at $1,689.
At these prices the business is valued at $1.2tn, making it the third biggest US company after Microsoft ($1.35tn) and Apple ($1.25tn).
Rest - https://www.theguardian.com/technology/2020/apr/18/amazon-quarterly-results-10000-dollars-a-second