Walmart's former chief executive, Bill Simon, accused Amazon on Wednesday of supporting meager retail profits through cloud and advertising revenues.
Amazon, with a market In the last twelve months, shares rose more than 61
The company recorded growth in both its cloud service and ad business in its final quarter, with revenues of $ 5.44 billion and $ 2.03 billion, respectively
Subscriptions Up 60 Percent to $ 3.1 Billion in the First Quarter
Walmart has decided to buy a piece of the fast-growing online market.
Earlier this month, Walmart agreed to pay $ 16 billion for a 77 percent stake in Flipkart, India's largest e-commerce company. India is considered an important retail battlefield.
Speaking at the Walmart and Amazon shareholder meetings this week, Simon wondered about Walmart's "expensive" journey into e-commerce, but welcomed the company's commitment to the Internet. 19659011]