Amazon omitted India from Thursday’s earnings call and release, a notable departure for the e-commerce behemoth, which has consistently highlighted India’s swift development and optimistic outlook.
The absence of India from the Q1 2023 quarterly earnings and investor call, the first since early 2014, follows Amazon’s shutdown of multiple services, including food delivery and wholesale distribution, in the country, prompting many analysts to speculate that the American behemoth is scaling back operations in India as part of global restructuring.
Over the past decade, Amazon has invested over $7 billion in its India operations and competes aggressively with Walmart-backed Flipkart. According to a report by Sanford C. Bernstein, Amazon lags behind Flipkart and struggles to penetrate more miniature cities and villages in India.
On the other hand, Walmart is tripling down on India and has invested close to $2.5 billion in the country just this year.
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