Amazon just revealed a booming ad business, helping to send its shares skyrocketing

on Thursday despite the online retail giant posting lukewarm financial results for its latest quarter.

As Amazon chief financial officer Brian Olsavsky explained during a call with analysts, the pandemic—with its supply chain issues and labor supply problems—has challenged the company. Amazon has several fast-growing business units that are giving investors hope. For the first time, the company broke out financial details about its online ad business, in which quarterly sales grew 32% year-over-year to $9.7 billion.

on Wednesday. Meta CEO Mark Zuckerberg failed to convince investors that his social media giant’s stagnant user growth would soon accelerate or that its core online ad business, impacted by Apple’s privacy changes, would soon recover.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Amazon trots out YouTube-sized advertising businessNEW YORK : Amazon pulled the veil off its sprawling advertising business for the first time on Thursday, revealing a business larger than that of Google's YouTube.Amazon reported ad revenue of $9.7 billion for the fourth quarter, up 32per cent from last year, and $31 billion for the year.YouTube po
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Amazon helps stocks steady but prospects for rate hikes loom over marketsSINGAPORE : Asian equity markets fought for a footing on Friday, supported by an Amazon-led bounce in U.S futures, but oil's rise to a seven-year high kept traders on edge over prospects that interest rates will rise to curb global inflationary pressures.MSCI's broadest index of Asia-Pacific shares outsid
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »