ecommerce

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Bank of America has slashed Google’s target price by 23% due to a large reduction in online shopping searches. The credit crunch crisis, and resulting recession, has meant that people are restricting their online spending. Brian Pitz, and analyst for Bank of America in New York advised clients that he was down valuing Google due [...]

For the first time since records began, eCommerce profits are in recession in the UK. Up until October online sales had been in constant growth. Experian division Hitwise said UK internet traffic to online retailers fell 0.5 per cent in October compared with the same month in 2007, suggesting the consumer spending downturn has begun [...]

Google is planning to make less acquisitions and reduce hiring, to help to withstand the global economic downturn. Yesterday Google’s Chief Executive Officer Eric Schmidt announced that the recession means more advertising budgets are being reviewed and often pulled, and Google is having to be sensible with its expansion plans.
Google’s profit growth has slowed as [...]

eBay Inc., the world’s biggest Internet auctioneer, has projected its first quarterly sales decline.
Today eBay’s stock price fell USD0.52, to $14.81. Fourth-quarter revenue will be $2.02 billion to $2.17 billion, the company forecast yesterday, compared with $2.18 billion a year earlier. The value of goods sold on eBay’s sites fell by 1% in the 3rd [...]

The credit crunch has so far been most prominent in the banking and finance industries. Many internet companies have spend the past months in a state of denial, falsely beleive that technology stocks are somehow immune to the pressures of the global economy. But all that appears to be changing rapidly.
News came out this week [...]