Last updated on August 8, 2023
Amazon (AMZN) reported strong second quarter earnings, surpassing expectations and predicting solid near-term sales. The online retail giant saw robust ad revenues that helped offset slower growth in its cloud services division. Net income for the quarter was $6.7 billion, or 65 cents per share, compared to a loss of 20 cents per share in the same period last year. Revenues increased by 10.9% to $134.4 billion, surpassing analysts’ estimates. Amazon Web Services contributed $22.1 billion to revenues, a 12% increase from last year. Online sales rose by 0.5% to $51.1 billion, while ad sales increased by 8.6% to $9.51 billion. For the current quarter, Amazon projects operating income between $5.5 billion and $8.5 billion on revenues of $138 billion to $143 billion. CEO Andy Jassy highlighted the company’s progress, including cost reduction in the fulfillment network and faster delivery speeds for Prime customers. The stock price of Amazon rose by 7% in after-hours trading following the earnings release.
Keywords: Amazon, AMZN, second quarter earnings, online retailer, ad revenues, cloud services, net income, revenues, Amazon Web Services, online sales, ad sales, operating income, Prime customers, Andy Jassy.
Hashtags: #Amazon #earnings #adrevenues #onlinesales #cloudservices #Amazonearnings #AMZN
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/08/finance_2-10-37-e1691059973192.jpg
Comments are closed.