- Amazon.com Inc (NASDAQ:AMZN) began air shipment services in India, despite the pandemic recovery-driven global online sales softening.
- Amazon looks to tap its cargo capacity in its partner Quikjet Cargo Airlines Pvt operated Boeing Co (NYSE:BA) 737-800 aircraft to start shipping in Hyderabad, Bangalore, New Delhi, and Mumbai, Bloomberg reports citing VP Akhil Saxena.
- Amazon tried to sublet unused space in its cargo jets as it battled the post-pandemic slowdown.
- Also Read: Amazon Bags $8B Loan To Beat Market Headwinds
- Demand for air cargo has cooled, with the sector likely to slow down further this year.
- Amazon owned over 110 planes flying to more than 70 destinations worldwide, Saxena said, at a launch event in Hyderabad, southern India.
- Amazon offered space on its planes and charter flights on top of plans to sublet excess warehouse space.
- Amazon launched its air cargo service in 2016, spurring speculation that it would ultimately create an overnight delivery network to rival United Parcel Service, Inc (NYSE:UPS) and FedEx Corp (NYSE:FDX).
- Amazon Air operated out of small regional airports close to its warehouses to fast-track one- and two-day delivery.
- Last November, Amazon quietly began offering its transportation and logistics network as a service to third-party merchants, businesses, and direct-to-consumer brands in India.
- Amazon has spent over $6.5 billion in India over the past seven years and said its offerings are shipping at “competitive rates” with no additional fee for deliveries on weekends and no contract formality for a consignment.
- Amazon opened its logistics network to third-party merchants in the U.S. in 2022 with Buy with Prime.
- Price Action: AMZN shares traded higher by 0.92% at $98.14 premarket on the last check Monday.
- Photo via Wikimedia Commons
Cowen & Co. Maintains Outperform on Danaher, Lowers Price Target to $320
Cowen & Co. analyst Dan Brennan maintains Danaher (NYSE:DHR) with a Outperform and lowers the price target from $340 to $320.
