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Amazon's shares dropped significantly in after-hours trading following disappointing earnings and substantial investments in artificial intelligence. The company reported a net income decline and lower-than-expected forecasting for the holiday season. Its cloud computing unit, Amazon Web Services, saw robust growth but raised concerns over cash burn from high capital expenditure. Additionally, Amazon's advertising revenue growth missed analysts' expectations for the first time in seven quarters.
Trent's shares increased by 7% on the stock market after reporting a 25% increase in net profit. Revenue from operations also rose by 22%, contributing to significant financial growth. The company opened its 1,000th Zudio store as part of its ongoing expansion strategy. Trent's food and grocery segment, Star, also showed robust growth despite market competition. The chairman expressed optimism about the company's future potential and business trajectory.
In light of increasing cyberattacks on financial institutions, the Reserve Bank of India has shifted its focus to enhancing cybersecurity protocols. Banks are now mandated to fortify their application programming interfaces to avert potential security breaches. Alarming recent incidents, such as data leaks and unauthorized transactions affecting leading banks, have raised concerns.