Connect with us

Published

on

Amazon is looking to expand its competitor to Temu and Shein beyond the U.S.

The company intends to launch its discount storefront, called Haul, in Europe later this year, according to two people familiar with the matter who asked not to be named because the plans are confidential.

Recent job postings indicate Amazon is eyeing a wider global rollout. One listing stated the company is looking to hire a software development engineer in the Haul team to help with a worldwide launch. The job was posted to Amazon’s website but has since been removed. Another role is for a senior product manager to assist with a launch in Mexico. Both openings were posted earlier this month.

An Amazon spokesperson said the company didn’t have anything to share on its plans for Haul, which were earlier reported on by The Information.

“We are always exploring new ways to work with our selling partners to delight our customers around the world with more selection, lower prices, and greater convenience,” the spokesperson said in a statement.

The expansion comes months after Haul’s debut. Amazon unveiled the online store in November, describing it as an “engaging shopping experience that brings lower-priced products into one convenient destination.” Haul is only accessible through Amazon’s mobile app, and most items are priced at $20 or less.

With Amazon Haul, the company is responding to the rise of Temu, Shein and TikTok Shop, which all have ties to China, the world’s second-largest economy. The platforms have rapidly gained popularity in the U.S. over the past few years by hooking deal-hungry shoppers with their low prices on clothing, makeup, home goods and other items. Like Temu, Haul offers ultra-low-priced products, like $1 eyelash curlers and cosmetic bags, or a $2.99 cubic zirconia ring.

Haul remains in beta for U.S. users, but Amazon has continued to build out the service, suggesting the company sees it becoming a more permanent fixture of its online store.

The since-removed job listing indicates Amazon CEO Andy Jassy’s S-team, consisting of top leaders, has set goals this year to make Haul “Go Big” in the U.S. and worldwide.

The launch of Haul in Europe could come with some challenges. Amazon would likely use plastic packaging for Haul shipments, which would conflict with its sustainability goals in the region, according to one of the sources. The company in 2023 transitioned to using only recyclable paper bags, cardboard envelopes and boxes or, in some cases, no added packaging, for deliveries in Europe.

Amazon is taking a page from its legacy online store to monetize Haul in more ways. The company this month began showing sponsored products in some Haul search results, allowing sellers to pay to have certain items appear at the top of the page. The company has stuffed more sponsored items into search results on its desktop site and mobile app over the years. They account for the bulk of Amazon’s ad revenue, which totaled $56.2 billion in 2024.

Amazon has added curated storefronts from lifestyle influencers within the Haul homepage. One features “fashion picks” from Michaela Delvillar, an influencer with more than 150,000 followers on TikTok, whose Amazon storefront says she’s a “Top Creator.”

Amazon is growing Haul, which relies on goods from China-based sellers, even as the practice comes under scrutiny from President Donald Trump. Earlier this month, Trump suspended, then reinstated, the de minimis rule, which allows exporters to ship packages worth less than $800 into the U.S. duty-free.

The loophole is expected to be shut again once the Commerce Department and customs officials put systems in place to process and collect tariffs on the millions of de minimis packages that flow into the U.S. daily. A significant portion of those packages originate from China.

Jassy was asked about the de minimis scrutiny on Thursday in an interview with Bloomberg Television. He said Amazon has a “certain number of items that are shipped in that way” for Haul, but likely fewer than Chinese e-commerce companies like Shein and Temu.

WATCH: Amazon Haul takes on Temu with ultra-low-price items

Continue Reading

Technology

AMD announces $6 billion buyback; shares climb 6%

Published

on

By

AMD announces  billion buyback; shares climb 6%

Lisa Su, president and CEO of AMD, talks about the AMD EPYC processor during a keynote address at the 2019 CES in Las Vegas, Nevada, U.S., January 9, 2019.

Steve Marcus | Reuters

AMD said on Wednesday that its board of directors approved $6 billion in share buybacks. The stock climbed 6%.

The authorization is in addition to $4 billion in existing approved share repurchases, the company said.

“Our expanded share repurchase program reflects the Board’s confidence in AMD’s strategic direction, growth prospects, and ability to consistently generate strong free cash flow,” AMD CEO Lisa Su said in a statement.

Read more CNBC tech news

AMD, the most important artificial intelligence chip company aside from Nvidia, reported 96 cents in earnings per share on $7.44 billion in revenue in its fiscal first quarter.

AMD announced a deal potentially worth $10 billion in investment on Tuesday to support an AI company called Humain in Saudi Arabia with chips. Su was in Saudi Arabia this week to announce the deal.

AMD said that it would provide graphics processors for AI as well as central processors needed to build AI servers to Humain, which is also buying Nvidia processors. Bank of America analyst Vivek Arya added $10 to his price target for AMD, bringing it to $130 per share, on the news.

Stock Chart IconStock chart icon

hide content

AMD stock year to date

Continue Reading

Technology

Chinese tech giant Tencent posts 13% revenue jump as growth at key gaming unit surges

Published

on

By

Chinese tech giant Tencent posts 13% revenue jump as growth at key gaming unit surges

Chinese tech company Tencent is a gaming giant and the parent company of WeChat, the ubiquitous social messaging app in China.

Cheng Xin | Getty Images News | Getty Images

Tencent on Wednesday reported an annual rise in its top and bottom line in the first quarter fuelled by accelerated growth in its key gaming business.

While revenue beat expectations, its net profit fell short.

Here’s how Tencent did in the first quarter of 2025 versus LSEG estimates:

  • Revenue: 180.02 billion Chinese yuan ($25 billion), versus 174.63 billion yuan expected
  • Net profit: 47.8 billion yuan, versus 52.2 billion yuan expected

Revenue rose 13% year-on-year, while net profit was up 14%.

This breaking news story is being updated.

Continue Reading

Technology

Sony shares rise about 2% in volatile trading following share buyback announcement

Published

on

By

Sony shares rise about 2% in volatile trading following share buyback announcement

A file photo of Hiroki Totoki, Sony Group Corporation executive, delivering a keynote address at CES 2025 in Las Vegas, on January 6, 2025. 

Artur Widak | Nurphoto | Getty Images

Sony Group shares rose about 2% Wednesday in volatile trading after the Japanese conglomerate announced a 250 billion yen ($1.7 billion) share buyback and operating income beat estimates.   

Operating income for the last three months of the financial year came in at 203.6 billion yen, beating mean analyst estimates of 192.2 billion yen, though it was down 11% from the same period last year. 

In the earnings report, the Japanese-based electronics, entertainment and finance company announced a stock buyback of shares worth 250 billion yen. 

Sony also provided details on a partial spinoff of its financial unit. The company plans to distribute slightly more than 80% of the shares of common stock of the spinoff to shareholders of Sony Group through dividends. 

The financial unit will list its financial operation this year and will be classified as a discontinued operation in Sony’s accounting from the current quarter, the company added. 

However, Sony’s outlook for the current financial year ending in March was lackluster.

The company forecasted its operating profit to rise a slight 0.3% to 1.28 trillion yen, after flagging a 100 billion yen hit from U.S. President Donald Trump’s trade war.

Yet, Sony clarified that the estimated tariff impact did not reflect the trade deal made between the U.S. and China on May 12 and that the actual impact could vary significantly. 

Continue Reading

Trending