Amazon omitted any reference to India in Thursday's earnings call and release, a notable change for the e-commerce giant that has consistently highlighted rapid growth and bullish outlook in the South Asian market.
The absence of India in 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 wonder if the American giant is scaling back operations in the country amid global restructuring.
Amazon has poured over $7 billion into its India operations over the last decade and competes aggressively with Walmart-backed Flipkart. Amazon is lagging Flipkart and struggling to make inroads in smaller Indian cities and towns, according to a report by Sanford C. Bernstein.
Its global rival Walmart, in contrast, is doubling down on India and has spent close to $2.5 billion in the country this year alone.