These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that...Market Insiderread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
Gluskin Sheff's David Rosenberg is painting a painful picture for stocks as earnings season goes into full gear.Futures Nowread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
E-commerce giant is shutting down its Quidsi unit, the parent company of sites like Diapers.com and Soap.com, after it failed to reach profitability, the company said Wednesday.
Amazon bought Quidsi in 2010 for around $500 million in cash, according to a press release. The packaged deal came with other sites such as Wag.com (pets), BeautyBar.com (luxury beauty), Yoyo.com (toys) and Casa.com (home goods). News of Amazon's decision to close this unit was first reported by Bloomberg on Wednesday.
The shutdown will result in layoffs of more than 260 people, according to a New Jersey state filing. But Bloomberg reported that some of these employees will be able to apply for new positions at Amazon.
"We have worked extremely hard for the past seven years to get Quidsi to be profitable, and unfortunately we have not been able to do so," an Amazon spokeswoman told CNBC in a statement. "Quidsi has great brand expertise and they will continue to offer selection on Amazon.com; the software development team will focus on building technology for AmazonFresh."
Amazon hasn't confirmed when its Quidsi-affiliated sites will go offline.
Quidsi's founder, Marc Lore, is now the chief executive officer of Jet.com, which was recently acquired by big-box retailer Wal-Mart for approximately $3 billion in cash. Since last September, Lore has served as the president and CEO of Wal-Mart's U.S. e-commerce platform, according to his LinkedIn profile.
"I'm not sure which is more unpleasant — changing diapers, paying too much for them, or running out of them," Amazon Chief Executive Jeff Bezos said in 2010, following the news of the Quidsi acquisition. "This [acquisition] brings together two companies who are committed to providing great prices and fast delivery to parents, making one of the chores of being a parent a little easier and less expensive."
It's 2017, and Amazon is now more focused on technology and specifically building out its AmazonFresh brand.
Bezos' company announced earlier this week that it has plans to launch a drive-in-type grocery store for Amazon Prime members, where customers can shop online, reserve a time to pick up their groceries and have them loaded into their car at the store.
AmazonFresh Pickup is one of Amazon's many ventures into more and more brick-and-mortar locations. The company may also be considering a furniture and home appliance showroom, according to The New York Times.
— CNBC's Anita Balakrishnan contributed to this report.