Amazon cloud and ad revenue grows as shoppers remain cautious – Legit.ng
Online retail titan Amazon on Thursday reported that its cloud and ads units helped it beat earnings expectations in the first quarter of this year despite shoppers and businesses being more careful about spending.
“For the first time in several quarters, Amazon may finally have a bit of wind at its back,” said Insider Intelligence principal analyst Andrew Lipsman.
Amazon shares spiked more than 10 percent shortly after release of the earnings figures, only to sink slightly below the day’s closing price as it warned that customers were remaining watchful of their budgets.
Amazon reported a profit of $3.2 billion on revenue that climbed 9 percent to $127.4 billion in the quarter.
The net income was about a billion dollars more than analysts had forecast.
“There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy,” said Amazon chief executive said Andy Jassy.
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source: https://news.oneseocompany.com/2023/04/27/amazon-cloud-and-ad-revenue-grows-as-shoppers-remain-cautious-legitng_2023042744140.html
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