Amazon.com, Inc. (NASDAQ:AMZN) has once again found itself in the crosshairs of harsh criticism from President Trump.
This morning, Trump alleged that Amazon takes advantage of the money-losing Postal Service to deliver its packages far too cheaply. He suggested that the Postal service raise rates in order to cover rising costs.
Here’s the full text of the president’s tweet:
“Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer? Should be charging MUCH MORE!”
The Post Office reported full-year 2017 results last month, with revenue of $69.6 billion, down $1.8 billion from last year. Meanwhile, operating expenses were $72.2 billion, meaning a net loss of around $2.6 billion.
The Postal Service attributed the revenue drop to declines in First-Class and Marketing Mail, which were partially offset by growth in package volume. Package volume rose by 589 million units, or +11.4%, while mail volumes fell -3.6%.
Trump’s criticism is likely motivated by his political opposition to Amazon founder and CEO Jeff Bezos, who owns the Washington Post newspaper. That left-leaning paper has been harshly critical of Trump over the years.
Amazon.com, Inc. shares were trading at $1,179.81 per share on Friday morning, down $6.29 (-0.53%). Year-to-date, AMZN has gained 57.34%, versus a 22.13% rise in the benchmark S&P 500 index during the same period.