Amazon Reports Strong Q2 Profit Recovery, Driven by Robust Ad Services Revenue
US-based online retailer’s advertising services bring in $10.7 billion, up 23% year-on-year
Table of Contents (Show / Hide)
Amazon posted strong profits in the second quarter, recovering from a loss in the same period last year, according to its financial results statement released Thursday.
The US-based global e-commerce giant generated a net income of more than $6.7 billion in the April-June period of this year after posting a net loss of over $2 billion in the same period last year.
Net sales rose 11% to $134.4 billion for the three months ending June 30 compared with $121.2 billion in the same period of 2022. Operating income more than doubled to $7.7 billion from $3.3 billion during the period.
CEO Andy Jassy said the company continued lowering its cost to serve in its fulfillment network, adding there is strong demand for the company's advertising services.
Amazon's advertising services brought in $10.7 billion in the second quarter, up 23% from $8.7 billion year-on-year.
The company said in March that it planned to cut around 9,000 more positions after announcing in November that it was planning to trim 10,000 jobs in its retail, human resources and devices units including people who work on the AI voice assistant Alexa and at its Luna cloud gaming division.
Amid strong financial results, Amazon's stock price jumped 7.6% to $138.75 per share on the Nasdaq as of 4.20 p.m. EDT in after-hours trading after closing Thursday at $128.91 a share.
URL :
News ID : 2311
ILO Reports $236 Billion in Illegal Profits Annually from Forced Labor
Fitch Ratings: North American Sectors Face Deteriorating Outlook Amid Economic Slowdown and Challenges
U.S. flight cancellations hit a record level as Covid thins crews amid severe weather
Revenues of Suez Canal hit all-time high in April
Sri Lanka hikes fuel prices as it faces economic collapse
Major sports events of 2022
Most satisfying Jobs in 2023!
Apple Reports Record Revenue of Nearly $82B in April-June Quarter
Aramco reports 90% profit rise in 2022
Wall St loses over $200bn in value
