Amazon Launches Discount Storefront Amazon Haul in US Beta
Amazon has launched a new discount storefront called Amazon Haul in the United States, focused on selling items priced at $20 or less. The move is part of the e-commerce giant's efforts to better compete with Chinese discount shopping sites Temu and Shein.
According to a blog post by Amazon, the Amazon Haul storefront features a wide range of products, including fashion, home, lifestyle, and electronics items. All products listed on the site are backed by Amazon's A-to-Z guarantee and have delivery times of one to two weeks.
Amazon has stated that while all items are priced at $20 or less, the majority cost between $1 and $10. This new discount storefront is part of Amazon's efforts to provide more affordable options for customers.
Dharmesh Mehta, Vice President of Worldwide Selling Partner Services at Amazon, said in a statement: "It’s early days for this experience, and we’ll continue to listen to customers as we refine and expand it in the weeks and months to come."
The launch of Amazon Haul has been met with enthusiasm from investors, with Amazon shares rising 2.5% following the announcement.
Super Micro Computer Delays Filing Financial Reports
Shares in server maker Super Micro Computer have fallen 6% in Wednesday's session and were down nearly another 9% in pre-market trading on Thursday. The company has announced that it will be delaying the filing of its finance report for the September quarter, citing concerns over potential accounting manipulation.
Ernst & Young (EY) recently resigned as Super Micro's auditor, stating that it could no longer rely on management's and the audit committee’s representations. The resignation came two months after a report from Hindenburg Research alleged "accounting manipulation" at Super Micro.
Super Micro has stated that it disagrees with EY's decision and is working to select new auditors. However, investors remain concerned about the company's financial stability, which could lead to delisting from the Nasdaq stock exchange.
The Walt Disney Company Releases Fourth Quarter Earnings
Disney shares were muted in pre-market trading on Thursday morning ahead of the release of its fiscal fourth quarter earnings. The focus will be on whether Disney can sustain recent momentum in streaming and stabilize demand within its park business after lagging in the previous quarter.
The earnings follow a report from the Wall Street Journal that the pool of candidates to succeed CEO Bob Iger is expanding as he prepares to leave Disney for a second time by the end of 2026. Investors will have the opportunity to delve into year-on-year trends in its three core business segments: Disney Entertainment, Experiences and Sports.
Wall Street estimates compiled by Bloomberg suggest that Disney will post total revenue of $22.47 billion for the fourth quarter, compared with $21.24 billion last year. Earnings per share are expected to be $1.10 for the quarter, compared to $0.82 for the same period last year.
Cisco Reports Quarterly Fall in Revenue
Computer network equipment maker Cisco logged another quarterly fall in revenue in its fiscal first quarter results. The company reported a 6% decline in revenue to $13.8 billion, compared with the same quarter last year. Net income fell by 25% to $2.7 billion and diluted earnings per share declined by 24% to $0.68.
For the second quarter, Cisco guided to revenue of between $13.75 billion and $13.95 billion, with full-year revenue expected to come in at between $55.3 billion and $56.3 billion. Despite beating expectations, shares in Cisco were still down more than 4% in pre-market trading after the release of the figures.
Scott Herren, Chief Financial Officer of Cisco, said: "Revenue, gross margin and EPS in Q1 were at the high end or above our guidance range, generating strong operating leverage." The company is focused on solid execution and operating discipline while making strategic investments to drive innovation and growth.
Burberry Unveils New Strategy to Improve Performance
Luxury fashion brand Burberry has unveiled a new strategy to help improve performance after recent underperformance. Shares in the company jumped 18% on Thursday morning following the announcement of a cost savings program of around £40 million in annualized savings.
The company also plans to start a global rollout of "scarf bars" to accentuate this area of products in its stores. Burberry has stated that it wishes to return to a more focused and traditional luxury brand, with particular emphasis on the outerwear for which it is traditionally known.
Richard Hunter, Head of Markets at Interactive Investor, said: "The new strategy is unlikely to result in overnight success although the group’s aspirations have been clearly stated." Burberry can only hope that these results represent a line in the sand and that its revised energy will return it to previous glories.