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Amazon hits a speed bump with India's new e-commerce rules

Brick and mortar store in Varanasi, India. Photo: Jodie Griggs via Getty Images

Amazon's share price fell in after-hours trade this evening despite a third straight quarter of record profit, as its model of selling more of its own online merchandise took a hit in India, a key future growth market.

What's happening: Starting tomorrow, both Amazon and Walmart have to drop any merchandise sold by companies in which they have an equity stake or an exclusivity deal. The new Indian rules are meant to promote local businesses and prevent the kind of retail destruction that the two big U.S. retailers have wreaked elsewhere.

  • Both Amazon and Walmart have seen the robust Indian economy as a primary driver of growth.
  • Amazon has committed to spend $5.5 billion on its India business, and last summer Walmart spent $16 billion to buy Flipkart, the Indian e-commerce site.
  • But Amazon had already begun to pull such items from its Indian website tonight, report Reuters' Aditya Kalra and Sankalp Phartiyal.

Amazon's cloud service business buttressed its fourth-quarter earnings, the company said today, but it also said that its growth will slow in the current quarter. Its shares were down more than 1% in after-hours trade.

The bottom line: The Indian policy is an example of a new, more hostile global environment for Amazon, which will have to figure out how to ease its reputation for slash-and-burn retail.

Go deeper: The next five years of Amazon

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Alayna Treene, author of Sneak Peek
5 hours ago - Politics & Policy

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.

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Alayna Treene, author of Sneak Peek
6 hours ago - Politics & Policy

GOP holdouts press on with plans to crush Cheney

Screenshot of emails to a member of Congress from individuals who signed an Americans for Limited Government petition against Rep. Liz Cheney. Photo obtained by Axios

Pro-Trump holdouts in the House are forging ahead with an uphill campaign to oust Rep. Liz Cheney as head of the chamber's Republican caucus even though Minority Leader Kevin McCarthy told them to back down.

Why it matters: What happens next will be a test of McCarthy's party control and the sincerity of his opposition to the movement. Cheney (R-Wyo.) is seen as a potential leadership rival to the California Republican.

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Lachlan Markay
6 hours ago - Politics & Policy

Democrats aim to punish House GOP for Capitol riot

Speaker Nancy Pelosi passes through a newly installed metal detector at the House floor entrance Thursday. Photo: Drew Angerer/Getty Images

House Democrats plan to take advantage of corporate efforts to cut funding for Republicans who opposed certifying the 2020 election results, with a plan to target vulnerable members in the pivotal 2022 midterms for their role in the Jan. 6 violence.

Why it matters: It's unclear whether the Democrats' strategy will manifest itself in ads or earned media in the targeted races or just be a stunt to raise money for themselves. But the Capitol violence will be central to the party's messaging as it seeks to maintain its narrow majorities in Congress.

Go deeper (1 min. read)Arrow