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The Amazon growth story has been a remarkable one so far.
On the top line, the company has grown every single year since its inception. Even in going back to 2004, Amazon generated a much more modest $6.9 billion in revenue compared to the massive $469 billion for 2021.
Most of these sales come from their retail and ecommerce operations, which the company has come to be known for. However, on the bottom line, the source of profit paints a completely different picture. That’s because 74% of Amazon’s operating profit comes from Amazon Web Services (AWS).
Here’s a closer look at the financials around Amazon and AWS:
Ultimately, the data suggests that the cloud business has been, and possibly will always remain, a higher margin business and consistent profit center in comparison to ecommerce and the physical distribution of goods.
AWS is Amazon’s cloud computing service that provides the critical infrastructure for an assortment of applications like data storage and networking. With this, they help fuel over a million organizations including businesses like Twitter and Netflix and even both the U.S. and Canadian Federal Governments.
Here are some other notable entities and the monthly payments they’ve made towards AWS:
Source: Continho (2020)
Based on these monthly figures from 2020, AWS collects $1.3 billion in sales a year just from these 10 customers, while raking in $62 billion of revenue overall. Moreover, this makes them the leader in the competitive cloud market.
In an industry worth an excess of $180 billion, Amazon’s 33% market share position exceeds both Google and Microsoft (Azure) combined. Their market share also surpasses the bottom six shown on the chart combined, who are formidable tech giants in their own right.
AWS has been a cash cow for years and there have even been rumors of an Amazon split up, where AWS would spin off as its own entity. It’s believed by some that if the cloud segment of the business separates, it will be seen as a pure play on the cloud industry and will be awarded a higher valuation multiple by the market.
One thing is for sure, from the perspective of profits, Amazon could be better be described as a cloud company, with an ecommerce business on the side.
Where does this data come from?
Source: Amazon SEC Filings
Notes: Operating profit is the profit from the business before the deduction of non-operating expenses like interest and taxes.
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2021 saw an alarming rise in the frequency and sophistication of corporate hacks. View this infographic to learn more.
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Businesses are a prime target for cybercriminals, regardless of their size, industry, or location.
In this graphic sponsored by Global X ETFs, we’ve visualized the largest corporate hacks of 2021, as measured by ransom size. The full list is also tabulated below.
*Requested but not paid in full. Source: Microsoft (2021), CRN (2021)
Continue reading below for details on some of these extraordinary hacks.
The Colonial Pipeline ransomware attack was the largest ever cyberattack on an American oil infrastructure target.
On May 7, hackers took down the company’s billing system and threatened to release stolen data if a ransom was not paid. During negotiations, the company halted its pipelines, resulting in gas shortages across the Southeastern United States.
It’s been reported that Colonial Pipeline promptly paid a ransom of $4.4 million in bitcoin (based on prices at the time). The FBI managed to retrieve some of these bitcoins, but their exact method was not revealed.
Accenture, one of the world’s largest IT consultants, fell victim to a ransomware attack in August of 2021. While this may seem ironic, it further proves that any business, regardless of industry, can be susceptible to hackers.
“There was no impact on Accenture’s operations, or on our client’s systems. As soon as we detected the presence of this threat, we isolated the affected servers.”
– Accenture spokesperson
The hack was traced back to LockBit, which claims to have stolen several terabytes of data from Accenture’s servers. A $50 million ransom was demanded, though it’s unknown whether the company actually made any payments.
Kia’s American business fell victim to a ransomware attack in February by a group called DoppelPaymer. Hackers threatened to release stolen data within 2 to 3 weeks if a ransom of $20 million (in bitcoin) was not paid.
This hack affected various systems including the Kia Owner Portal, Kia Connect (a mobile app for Kia owners), and internal programs used by dealerships. This also prevented buyers from picking up their new cars.
Kia denied it was hacked, but the timing of the ransom note and Kia’s service outages was suspicious. According to the FBI, DoppelPaymer has been responsible for numerous attacks since 2020. Victims include U.S. police departments, community colleges, and even a hospital in Germany.
JBS, one of the world’s largest meat processing companies, experienced disruptions at its North American facilities in May. Shortly after, the company confirmed it had paid hackers a ransom of $11 million in bitcoin.
“This was a very difficult decision to make for our company and for me personally.”
– Andre Nogueira, CEO, JBS USA
This attack, along with the Colonial Pipeline hack, represents an alarming trend of critical industries being targeted. For context, JBS claims it has an annual IT budget of over $200 million, and employs over 850 IT personnel globally. The group responsible for this attack is known as REvil, a now defunct hacker group based in Russia.
The rising frequency and sophistication of corporate hacks is a major threat to the world. In fact, recent research from PricewaterhouseCoopers has highlighted that 69% of businesses predict a rise in future cybersecurity spending.
The Global X Cybersecurity ETF is a passively managed solution that can be used to gain exposure to the rising adoption of cybersecurity technologies. Click the link to learn more.
An analysis of 90+ major cities reveals which ones are the least affordable housing markets based on their price-to-income ratio.
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It’s become increasingly difficult for middle-class families to purchase a home over the last few years—and the global pandemic has only made things worse.
According to Demographia’s 2022 Housing Affordability Report, the number of housing markets around the world deemed “severely unaffordable” increased by 60% compared to 2019 (prior to the pandemic).
This graphic looks at some of the least affordable housing markets across the globe, relative to median household income. The report covers 92 different cities in eight nations: Australia, Canada, China, Ireland, New Zealand, Singapore, the United Kingdom, and the United States.
Before diving in, it’s worth outlining the methodology used in this report, to help explain what’s classified as a severely unaffordable housing market.
To calculate affordability, a city’s median housing price and divided by its median household income. From there, a city is given a score:
All the cities on this graphic are classified as severely unaffordable—and, for the 12th year in a row, Hong Kong takes the top spot as the world’s most unaffordable housing market, with a score of 23.2.
One reason for Hong Kong’s steep housing costs is its lack of supply, partly due to its lack of residential zoning—which only accounts for 7% of the region’s zoned land. For context, 75% of New York City’s land area is dedicated to residential housing.
Sydney moved up one spot this year, making it the second most expensive city to purchase a home on the list, with a score of 15.3. Besides Hong Kong, no other city has scored this high in the last 18 years this report has been released.
There are several theories for Sydney’s soaring housing rates, but industry expert Tom Forrest, CEO of Urban Taskforce Australia, boils it down to one fundamental issue in an interview with Australia Broker—supply isn’t keeping up with demand:
“Housing supply has been consistently not meeting demand in the Greater Sydney and across regional New South Wales…if you have supply consistently not meeting demand then the price will go up. That’s what happened and we’re seeing it in abundance.”Tom Forrest, CEO of Urban Taskforce Australia
Middle-income earners were already feeling the squeeze prior to the global pandemic, but COVID-19 only exacerbated housing affordability issues.
As people began to work from home, high-income earners started to look for more spacious housing that wasn’t necessarily in the city center, driving up demand in suburban areas that were relatively affordable prior to the pandemic.
At the same time, supply chain issues and material costs impacted construction, which created a perfect storm that ultimately drove housing prices up.
But with interest rates rising and COVID-19 restrictions easing around the world, some experts are predicting a market cool down this year—at least in some parts of the world.
>>Like this? Then you might like this article: How Much Prime Real Estate Could You Buy for $1M?
Where does this data come from?
Source: Demographia
Details: The affordability score is calculated by taking a city’s median housing price and dividing it by the median household income. Anything over 5.1 is considered severely unaffordable
Notes: Data includes 92 metropolitan markets across eight countries; Australia, Canada, Ireland, Singapore, China, New Zealand, the U.K., and the U.S., as of the third quarter of 2021. Many European countries, along wth Japan, we excluded from the dataset, because information on median income was not readily available.
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