The Seattle-based company said it pulled in US$127.4 billion in revenue for the January-March quarter, a 9% growth compared to the US$116.4 billion it reported during the same period last year. Analysts surveyed by FactSet had expected US$124.6 billion.
"Amazon did what it needed to do in Q1 by reversing--or at least stalling--its most troublesome declining growth trends," Insider Intelligence principal analyst Andrew Lipsman said in a statement. During a call with reporters on Thursday, Amazon Chief Financial Officer Brian Olsavsky said consumers continue to be cautious with their spending amid high inflation and are looking to stretch their budgets further by purchasing lower-priced items.
Amazon accelerated cost-saving measures over the past couple of quarters by cutting 27,000 corporate roles in different units, including devices, advertising, AWS and Twitch, the popular live streaming platform it acquired in 2014. It has also axed several businesses that weren't bringing in enough cash, such as its healthcare startup Amazon Care, subsidiary fabric.com and the video calling device Amazon Glow.
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