Amazon.com, Inc. is an e-commerce retailer formed originally to provide consumers with products in two segments. It offers users with merchandise and content purchased for resale from vendors and those offered by third-party sellers.
Operating in North American and International markets, Amazon provides its services through websites such as amazon.com and amazon.ca. It also enables authors, musicians, filmmakers, app developers, and others to publish and sell content via its branded websites.
Amazon also provides Kindle Direct Publishing, an online platform that allows independent authors and publishers to make their books available in the Kindle Store. In addition, it provides co-branded credit card agreements and advertising services, serves developers and enterprises through Amazon Web Services, and manufactures and sells electronic devices.
It offers Amazon Prime which is an annual membership program. It provides free shipping, streaming, and access to books to borrow and read on a Kindle device.
While the company said that its decision to shut Loon is related to its lack of commercial success, another reason could be in the increased interest of Amazon and SpaceX in the connectivity business.
Wall Street remains optimistic about the earnings reports of top tech companies coming next week. While tech leads Nasdaq, the market maintains caution on the hope of approval of the next stimulus bill. Unemployment insurance claims drop for the week ending January 16.
With Joe Biden at the helm of affairs now, the expectations that the market will see an improved boost is high.
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