The Luxembourg National Commission for Data Protection fined Amazon Europe €746 million (roughly $1.1 billion) after determining the tech giant’s personal-data processing did not comply with European Union rules. The company believes the “decision to be without merit and [intends] to defend ourselves vigorously in this matter,” it said in its financial filings. (The Logic)
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The Luxembourg National Commission for Data Protection fined Amazon Europe €746 million (roughly $1.1 billion) after determining the tech giant’s personal-data processing did not comply with European Union rules. The company believes the “decision to be without merit and [intends] to defend ourselves vigorously in this matter,” it said in its financial filings. (The Logic)
Talking point: This is the biggest privacy fine from the EU to date under its General Data Protection Regulation. The previous record was Google’s €50-million fine. The news of Amazon’s fine came as the company missed analysts’ expectations for its third-quarter earnings, falling just over US$2 billion shy on expected net sales, and forecasted weaker sales in the upcoming quarter. The company’s stock price closed down more than seven per cent Friday. It was its worst single-day share performance since March 2020 and sent other U.S. equities down amid concerns over a widespread tech growth slowdown. It’s probably not how Andy Jassy wanted his first quarterly earnings as Amazon’s CEO to go.
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