Amazon posts $9.5b in ad revenue, $3.2b in net profit for Q1
The e-comm giant's earnings have been bolstered by its online shopping and cloud services biz
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Published: Apr 28, 2023 8:25 AM | 1 min read
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Amazon.com Inc has posted its first-quarter earnings. The e-comm giant has exceeded expectations, bolstered by demand for online shopping and cloud services biz. The shares of the company have shot up 9%.
The company reported net sales of $127.36 billion in the quarter ended March 31, pegging next quarter’s numbers to be between $127 billion and $133 billion. Net profit stood at $3.17 billion. Ad revenue rose to $9.5 billion, compared to $7.9 billion in the same quarter last year.
Since late 2022, Amazon has seen a spate of mass layoffs with the recent one taking place a week ago in the company’s advertising unit. The layoffs are in line with CEO Andy Jassy’s aim to cut costs across Amazon’s businesses.
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