A new revelation of a record-breaking $887 million fine in Europe follows concerns over Amazon's earnings outlook.
Alongside second-quarter results that fell short of expectations and triggered a plunge in shares, the company disclosed that Europe just levied a gobsmacking 746 million euro fine, or roughly $887 million, in its earnings filings with the Securities and Exchange Commission.
The issue apparently stems from the company’s budding advertising business. Amazon wrote that the decision was “without merit” and vowed to defend itself “vigorously,” and elaborated in a statement to the media: “Maintaining the security of our customers’ information and their trust are top priorities. There has been no data breach, and no customer data has been exposed to any third party. These facts are undisputed. We strongly disagree with the CNPD’s ruling, and we intend to appeal.
The nature of the case puts Amazon on the hot seat once again over data. While this particular situation hinges on users’ personal data, recurring accusations against the e-commerce giant claim that it uses third-party merchant data to compete with them.
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