Amazon shakes up investors with cloud news. China is rebuilding ties with Australia. Singapore tax targets rich Chinese Here’s what you need to know today.
Amazon.com reported quarterly profit that beat estimates as cost-cutting and strong sales at its cloud computing division helped weather an uncertain economy. But the good news was short-lived for investors, as executives announced on a conference call following the earnings announcement that cloud computing revenue growth had slowed in April. An earlier stock jump of nearly 12% has been wiped out. The world’s largest online retailer has been working to streamline its stores to adapt to slowing sales growth for more than a year. The company is shedding 27,000 jobs, with the latest round of layoffs landing mostly on employees at its cloud unit.
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