Amazon Q2 earnings 2023: Company beats Wall Street's estimates, revenue grows 11%

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ChatGPT. In retail, Amazon has reorganized its fulfillment network and opened warehouses for same-day shipping closer to big metro areas, saving time and costs on delivery. Brian Olsavsky, Amazon's chief financial officer, said on a call with reporters that faster speeds have meant Prime loyalty customers are "shopping more often." For the second quarter, Amazon's revenue grew 11% to $134.4 billion, beating estimates of $131.5 billion from analysts polled by Refinitiv.

Amazon's cloud-computing division has been key. In recent months, Amazon Web Services (AWS) saw its sales growth slow as wary businesses scrutinized their cloud bills. Olsavsky said such "cost optimization" continued, but big companies were embracing the cloud anew, a lift to the division this spring and summer.

CEO Andy Jassy said in a statement, "Our AWS growth stabilized." The unit beat estimates of around $21.7 billion in second-quarter cloud sales, increasing them 12% to $22.1 billion. Its rivals posted bigger jumps off smaller bases: 28% growth in Alphabet's June-quarter cloud revenue and a 26% quarterly increase for Microsoft's Azure. Arun Sundaram, an equity analyst at CFRA Research, said the results showed Amazon was holding its own, including in so-called generative AI that can create new text, images and other content from past data.