Amazon strong revenues beat expectations in Q1‎

Amazon stock rose during trading after the closing of the Thursday session, following the announcement of the American e-commerce company that it had achieved strong business results that exceeded expectations during the first quarter of 2023.

Amazon achieved quarterly profits of about 31 cents per share, compared to expectations of 21 cents per share, and it also recorded revenues at $ 127.4 billion, compared to expectations that indicated the achievement of $ 124.5 billion.

Amazon revenue from Amazon Web Services was about $21.3 billion in the first quarter of this year, compared to expectations of $21.22 billion.

The company also recorded revenues from advertisements of 9.5 billion dollars, higher than expectations of 9.1 billion dollars during the same period referred to.

For the second quarter of this year, Amazon said it expects to generate revenue between $127 billion and $133 billion, which is close to analysts’ expectations of $129.8 billion.

Andy Jassy, Chief Executive Officer, commented: “Our advertising business continues to grow strongly as a result of continued investments in machine learning technology, enabling our customers to obtain the data and information they need.”

The company’s revenue jumped by 9% from the first quarter of 2022, when it amounted to $ 116.4 billion, and the company’s expectations for the quarter indicate that Amazon sales will rise by between 5% and 10% from the same period a year ago.

Moreover, the company’s operating income increased in the first quarter of this year to $4.77 billion, compared to $3.67 billion in the same period last year, and the company still relies on Amazon Web Services to achieve profitability, given that the unit Cloud computing generated an operating income of about $5.1 billion during the first three months of 2023.