Amazon's first reported loss since 2015 is not surprising in a difficult inflationary environment, as ecommerce resets from the pandemic boost. Highly exposed to cost pressures through its logistics business, the situation is not as bad as it looks

The increases to Fulfilled by Amazon fees have been completely lost in the storm, while costs continue to increase on all sides. Amazon's announced increases are unlikely to keep up 

Launching Buy with Prime will allow Amazon to increasingly monetise FBA: a further step towards creating a monopoly in the fulfillment space while also boosting the desirability of Prime membership

Alphabet’s growth slowed in Q1, but search remains the premier advertising product: protected against privacy changes, and poised to grow on a return to travel.

Investors focused on YouTube’s disappointing growth. Its exposure to brand advertising has slowed it relative to search, and it now has to compete with an increasingly formidable TikTok. User subscriptions could be a hidden strength.

The US remains the core of Alphabet’s business as uncertainty and energy price jumps hit Europe.

European mobile revenue growth was zero for the third successive quarter with better mobility but less roaming upside, some B2B weakness, and stronger competitive intensity in the Italian and Spanish markets

Q1 should evidence some similar trends but the impact of out-of-contract notifications will begin to emerge and roaming looks set to become a significant boost from Q2

Consolidation fever continues to dominate the headlines though this is set against a backdrop of considerable uncertainty regarding regulatory approval

Amazon has capitalised on the pandemic’s boost to ecommerce, reporting 67% global revenue growth from 2019 to 2021. While Shopify’s impressive trebling of B2B revenues was from a lower base, at 44% of Amazon’s Marketplace it is closing the (still huge) gap

Shopify appeals to brands around the world, leveraging the open internet to establish a direct-to-consumer (D2C) business, undermining Amazon’s position as the B2B ecommerce one-stop-shop in 17 markets

Shopify is not a direct platform competitor to Amazon, which boasts a captive audience of Prime members and fulfilment. Shopify’s expansion to fulfilment in North America is the first threat to Amazon’s grip