Amazon shares surge as earnings beat expectations – Iraqi News
Online retailer Amazon says it has been able to make speedy deliveries to customers despite cutting back ranks of employees that swelled when internet shopping surged during the pandemic
San Francisco – Shares in Amazon leapt on Thursday after the online retail colossus reported it made a lot more money than expected in the first quarter of 2023.
“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 reported a profit of $3.2 billion on sales that climbed 9 percent to $127.4 billion in the quarter.
The net income was about a billion dollars more than analysts had forecast, and Amazon shares were up about 7 percent to $117.25 in after-market trades.
“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.
“Our Stores business is continuing to improve the cost to serve in our…
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