The e-commerce giant on Thursday reported a profit of $3.2 billion for the first quarter, up from a loss of $3.8 billion in the year ago quarter and far exceeding analysts estimates. The swing to a profit comes as Amazon\n \n has ramped up its cost-cutting measures in recent months. The company has announced two rounds of layoffs, canceled products and nixed physical store expansions.
“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.
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