this post was submitted on 03 Nov 2023
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Amazon made $1 billion through secret price raising algorithm -US FTC (www.reuters.com)
submitted 1 year ago by throws_lemy@lemmy.nz to c/technology@lemmy.world
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[–] ultratiem@lemmy.ca 32 points 1 year ago* (last edited 1 year ago) (2 children)

What’s even wilder is that Amazon made no profit for the first 20 years of its existence, something the Feds claim makes Amazon even more dangerous as they spent considerable time building their network and have now turned on full money making mode.

[–] WetBeardHairs@lemmy.ml 7 points 1 year ago

That was just creative accounting so they wouldn't have to pay tax.

Oh... this huge pile of revenue? That's not profit. We're reinvesting it into logistics and executive salaries. We lost money this year. -Amazon