Amazon Makes a Net Profit of 3.2 Billion Dollars in the First Quarter of 2023
Amazon, one of the leading e-commerce companies in the world, records a profit of $3.2 billion in the first quarter of this year.
Here’s more about it.
Amazon Records $3.2 Billion Net Profit
Reports now reveal that Amazon has recorded a total revenue of 127.4 billion dollars and a net profit of 3.2 billion dollars in the first quarter of this year. There has also been a significant growth of 21 percent in the company’s ads business, recording a total revenue of 9.5 billion dollars from its ads business only.
Amazon was one among the many companies which had laid off many of its employees and for those who didn’t know, the company has also announced the lay-off of about 9,000 employees in its various departments including AWS, People, Experience, and Technology (PXT), Advertising, and Twitch. Recently, about 100 employees were also laid-off from its entertainment division, and previously about 18,000 employees were eliminated mainly from Amazon Stores and PXT.
The mass layoffs are to be considered as one of the main reasons for Amazon’s profit growth from the previous year along with other factors including the substantial growth of its advertising business, profits from its entertainment front, and the strong performance of Amazon’s Web Services (AWS).
Amazon’s current CEO, Andy Jassy also mentioned in a statement regarding how different teams within the brand is working towards the growth of the company even amidst such a difficult economic situation and how its advertising business continues to ensure robust growth, mainly because of the investments that company has made in machine learning, helping both customers and brands to receive the best service.
The 127.4 billion dollars the company has recorded now is also above Wall Street’s $124.4 billion consensus and the shares of the company are currently having an upward trend as a result of this.
