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00:00:01
>> Amazon facing headwinds from overseas on Thursday, forecast first quarter sales below Wall Street estimates, overshadowing an otherwise strong profit report on holiday sales at the company. Revenue for the fourth quarter rose about 20%, breaking $72 billion and beating Wall Street targets. A lot of that driven by its cloud business, which jumped by 45%, and a strong advertising business.
00:00:27
But going forward, it's a different story as e-commerce sales in Europe slow down and regulatory hurdles in India go up. Under new e-commerce rules, India blocks companies from selling goods through vendors in which they have an equity interest. Exclusive online deals are also banned. Reuters' Jeffrey Dastin.>> Amazon's chief financial officer said the situation in India is a bit fluid right now.
00:00:52
They are going to have to rejig ownership structures and change relationships with different vendors to ensure they're complying with this new regulation. Amazon has made India a strategic priority over the long run. It feels very strongly about that after having missed out, arguably, on China.>> Already on Thursday, Amazon started to remove a wide range of products from its India website to comply with the new rules.
00:01:20
A range of Echo speakers and other Amazon Basic products were no longer on the Amazon site there.