Amazon triples quarterly profit as cloud surges
Ecommerce titan Amazon on Tuesday said profit in the first three months of 2024 tripled as its cloud, ads, and retail businesses thrived.
Amazon shares were up about one percent in after-market trades that followed release of the earnings figures, with Wall Street keeping a close eye on the impact of AI as well as costs involved.
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The Seattle-based company reported $10.4 billion in profit on revenue of $143.3 billion, compared with a profit of $3.2 billion on $127.4 billion in sales in the same period a year earlier.
«Amazon opens its new fiscal year with a robust set of numbers that show it has mostly brushed off pressures in the consumer economy,» GlobalData managing director Neil Saunders said in a note to investors.
Sales at Amazon online stores grew by seven percent in the quarter despite competitive pressure from rivals such as Shein and Temu, according to Saunders.
«Our customer data still shows that Amazon is a focal point for those consumers wanting value for money and convenience,» Saunders said.
«We also believe that Prime members are leaning more heavily into Amazon to maximize value from their
