Shares of telehealth services provider Hims & Hers (NYSE:HIMS) fell 17% in morning trading Thursday after Amazon (NASDAQ:AMZN) announced it was launching an expanded pay-per-visit telehealth service,

The tech giant said it would offer upfront, monthly pricing for customers seeking consultations and medications for five conditions including erectile dysfunction and men’s hair loss.

Amazon One Medical is rolling out a new service to provide Prime members access to clinical treatments for common health and lifestyle conditions like men's hair loss and anti-aging skin care. | Amazon One Medical is rolling out a new service to provide Prime members access to clinical treatments for common health and lifestyle conditions like men's hair loss and anti-aging skin care.

Investing.com -- Shares of Hims & Hers Health, Inc. (HIMS) dropped over 15% Thursday following Amazon’s announcement of new telehealth treatment options aimed at providing low-cost care for a range of health and beauty concerns, which could pose significant competition for Hims & Hers’ subscription-based health services.

The new Amazon Haul storefront is expected to feature products under $10 and offer free delivery on orders over $25.

Amazon said the offering, dubbed Amazon Haul, is being introduced in beta and will be available to customers in the U.S.

Amazon.com launched a low-cost ecommerce service called Amazon Haul for some customers in the United States giving them a selection of products at $20 or less, the online retailer said on Wednesday, as it looks to take on Chinese firms Shein and PDD Holdings' Temu.

Amazon stock is building on its postelection rally by notching another record high Wednesday, and gaining further early Thursday. Shares of the tech giant are rallying as Amazon launched a discount-focused e-commerce service,

Amazon is well-known for aggressively battling out its competitors. Earlier this year, a report hinted that the popularity of Temu and Shein has been bothering Amazon and it’s mulling over something big.