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Amazon.com, Inc. (AMZN) Kills Fire Phone, Lets Hardware Market Live

Amazon Fire Phone (AMZN)

Amazon.com, Inc. made a major announcement of discontinuing Fire Phone on the same day when Apple unveiled its latest iPhone on Sep. 9th. If we visit Amazon’s website and look for the device listing, a message is displayed saying the product is not available, and “we don’t know when or if this item will be back in stock.”

Amazon Fire Phone (AMZN)

Poor sales the reason

CNBC was told by Amazon that the entire inventory with the firm has been sold out, and as of now there are no plans for the replenishment of Fire Phone’s stock. The users who purchased the device will continue to get support from Amazon.

The Fire Phone was introduced by Amazon CEO Jeff Bezos with an intention of offering users a simpler way for buying items from the site. It features 3D viewing and image recognition technology. The phone was priced at $199.99 at debut, but was later reduced to 99 cents with a carrier contract as the firm was struggling to expand the sales of the device.

An inventory charge of $170m was taken by Amazon.com, Inc. in October due to the failed phone, resulting in the worst quarterly net loss in more than a decade. The device was released in 2014, and since then it has been receiving negative reviews only.

Amazon has not given up on hardware

On Wednesday, the news was first reported by ‘The Verge’ that all the Fire Phones with the firms have been sold out, and no more devices will be built by it. This does not mean that the firm has given up on hardware. Recent reports point that the firm will release a tablet later this year, which will be priced at $50.

Amazon is reportedly making one more attempt to compete in the tablet market dominated by Google’s Android and Apple’s iOS, by introducing a 6-inch tablet at the time for holidays, The Wall Street Journal reported a few days back. The firm priced the Fire Phone at par with Apple’s iPhone for which it attracted a lot of criticism, for this reason the new device has been priced low, says the WSJ. This has led to speculations that the device won’t be a huge success as people will associate the low-cost of the device with low-quality.

On Wednesday, Amazon.com, Inc. shares closed down 0.13% at $516.89. Year to date, the stock is up almost 67% while, in the last one-year, they are up almost 50%.

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.