Amazon posts USD 3.2-bn profit as it goes through multiple layoffs
The Seattle-headquartered firm reported a loss of USD 3.8 billion in the year-ago quarter.
The swing to a profit comes as Amazon has ramped up its cost-cutting measures in recent months. The company has announced two rounds of
It also comes as key areas of Amazon's business continue to grow despite lingering recession fears possibly weighing on corporate and consumer spending.
The company's revenue increased 9 per cent during the quarter from the prior year. Amazon expects second-quarter net sales to grow between
"The results indicate that ongoing cost-cutting measures are having a positive impact on Amazon's business prospects," said Jesse Cohen, senior analyst at Investing.com. "Amazon's strong guidance for Q2 revenue is another indicator that the company may be starting to come out of the woods."
Amazon Web Services, which has long served as a profit engine for the company, also experienced double-digit percentage growth during the quarter, in another positive sign for its overall business.
"While our AWS business navigates companies spending more cautiously in this macro environment, we continue to prioritise building long-term customer relationships," Chief Executive Officer Andy Jassy said in a statement accompanying the earnings release.
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