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

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Amazon’s online ad business is dwarfed by only Google-parent Alphabet and Facebook-parent Meta.

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.

 

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