Jim Cramer dubs Amazon the ‘Boeing of retail’
Amazon.com Inc (NASDAQ: AMZN) is the “Boeing of retail”, said famed investor Jim Cramer on Monday as he blasted the Seattle-headquartered multinational for continued underperformance this year.
Cramer’s remarks on CNBC’s ‘Squawk on the Street’
Late last month, Amazon reported weaker-than-expected results for its fiscal Q1, which, as per Cramer, might not have happened if Jeff Bezos was still on the hot seat. On CNBC’s “Squawk on the Street”, he said:
So, you have Bezos no longer running Amazon. But I say, please come back to Amazon. That quarter was so horrible and I have to believe if you were there, you wouldn’t have just over hired.
Earlier in May, Amazon said years of hiring spree has overstaffed its warehouses. The stock is now down roughly 35% for the year.
eCommerce is taking a hit in 2022
Amazon’s forecast for the current fiscal quarter was also below Street expectations, which raises questions on the leadership of CEO Andy Jassy, added the Mad Money host.
We could have said Andy Jassy has started, give him a break. But he’s been at the company for a long time. That earning’s print was worse than Netflix. Amazon became the Boeing of retail.
2022 hasn’t been kind to eCommerce across the board. Online sales, as per Mastercard SpendingPulse, were lower in the past two months on a year-over-year basis.