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
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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.
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