Last updated on August 8, 2023
Amazon, the world’s largest online retailer, reported better-than-expected second quarter earnings, driven by strong ad revenues that helped offset slowing 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 rose 10.9% to $134.4 billion, exceeding analysts’ estimates. Amazon Web Services generated $22.1 billion in revenue, a 12% increase from last year. Online sales reached $51.1 billion, a 0.5% increase, while ad sales rose 8.6% to $9.51 billion. For the current quarter, Amazon forecasts 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 in lowering costs and providing faster delivery speeds. Amazon’s shares surged 7% in after-hours trading, signaling a significant increase in its year-to-date advance.
Keywords: Amazon, earnings, second quarter, ad revenues, cloud services, net income, revenues, online sales, forecast, operating income, Andy Jassy, shares
Hashtags: #Amazon #earnings #adrevenues #cloudservices #onlinesales #forecast #operatingincome #AndyJassy #shares
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