Amazon.com Inc. reported quarterly profit that topped estimates on its cost cuts and surprisingly strong sales in the cloud-computing division, a sign the retailer’s business is weathering an uncertain economy. The shares gained about 8% in extended trading.
First-quarter revenue increased 9.4% to $127.4 billion, the Seattle-based company said Thursday in a statement, above expectations for $124.7 billion. Operating income was $4.8 billion. Analysts, on average, projected $3 billion.
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The world’s largest online retailer and cloud-computing provider has been working for more than a year to streamline its businesses to adjust to slowing sales growth in online shopping and its Amazon Web Services division. The company is cutting 27,000 jobs, the largest such cull in its history, with the latest round of layoffs announced Wednesday landing mostly on employees of AWS, its cloud unit.
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