According to a report by GeekWire, Amazon has been "quietly" testing an e-commerce functionality on its Fire TV devices, which has been performing above expectations, according to a source with knowledge of the situation.
The report continued that Amazon's e-commerce tests are part of the company's plans to develop its own shopping channel that could rival Liberty Interactive's QVC and HSN's Home Shopping Network. The channel is expected to roll out this year.
Moves
Shares of Liberty Interactive and HSN were both lower by more than 3 percent on Thursday. The issues sold off in unison within an hour of the opening bell.
Amazon's CEO Jeff Bezos has already stated that his strategy within the hardware business is to "make money when people use our devices, not when they buy our devices."
Wall Street Pros Unconvinced
Victor Anthony, an analyst at Axiom, told Benzinga that Thursday's decline in QVC and HSN's stock is related to the reports that Amazon plans on infringing in their territory. He stated,"Folks are just now paying attention."
Anthony's statement isn't shared by Jason Bazinet, a media analyst at Citi Research. The analyst acknowledged that the decline in the home shopping stocks could be related to the Amazon's reports, but it "could certainly be something else."
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