style

Amazon reports strong 1Q results driven by its cloud

Font size+Author:Stellar Standpoint news portalSource:business2024-05-22 10:24:42I want to comment(0)

NEW YORK (AP) — Amazon on Tuesday reported strong results for the first quarter, driven by growth in

NEW YORK (AP) — Amazon on Tuesday reported strong results for the first quarter, driven by growth in its cloud-computing unit and new advertising dollars from its Prime Video streaming service.

The Seattle-based e-commerce giant said it brought in $143.31 billion in revenue in the first three months of this year, a 13% jump compared to the same period last year. Net income came out to $10.43 billion, or 98 cents per share. That soundly beat Wall Street analysts’ expectations for 84 cents a share, according to FactSet.

“It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results,” Amazon CEO Andy Jassy said in a statement.

The nation’s biggest online retailer is coming off better-than-expected results for the holiday shopping period, when it saw strong consumer spending aided by discounts and faster shipping speeds. Amazon held another discount event in late March, right before the end of the first quarter.

Related articles
  • Andretti Global makes key engineering hire in bid to earn a spot in Formula 1

    Andretti Global makes key engineering hire in bid to earn a spot in Formula 1

    2024-05-22 10:09

  • What to expect in Idaho's state primary and Democratic presidential caucus

    What to expect in Idaho's state primary and Democratic presidential caucus

    2024-05-22 09:27

  • Punxsutawney Phil and Phyllis's baby names revealed

    Punxsutawney Phil and Phyllis's baby names revealed

    2024-05-22 07:56

  • Scottie Scheffler opened the PGA Championship with a bang before settling for an opening 4

    Scottie Scheffler opened the PGA Championship with a bang before settling for an opening 4

    2024-05-22 07:46

Netizen comments