Slowdown Bites Amazon; It Postpones Spanish Expansion Ambitions To 2024

Amazon.com Inc AMZN has suspended the construction of new warehouses in Spain until 2024.
Amazon told its providers and partners to "wait and see" as pandemic-driven online shopping has slowed down while acknowledging its commitment to Spain, Reuters reports citing news website El Confidencial.
"In 2022, we have opened new logistics stations, Amazon Fresh hubs, and a logistics center (in Spain)," Amazon said.
Earlier, Amazon shared plans to add 2,000 new jobs in Spain in 2022, taking its total payroll to 20,000.
Amazon abandoned many existing and planned facilities around the U.S. due to slow sales growth.
Amazon decided not to open 42 facilities spread across 25 million square feet of usable space and delayed opening an additional 21 locations, making up about 28 million square feet.
Amazon also planned to shut down delivery stations in Hanover and Essex, near Baltimore.
Amazon sought to sub-lease at least 10 million square feet of warehouse space.
Amazon said it expects-third quarter net sales to be in a range of $125 billion to $130 billion, up 13% to 17% year-over-year against the consensus of $126.4 billion.
Price Action: AMZN shares traded lower by 0.20% at $123.28 on the last check Monday.