Apr 27, 2023
Amazon cloud and ads units offset e-commerce woes
It offset that with better-than-expected sales in its cloud services and advertising units. Amazon sales have been sluggish as shoppers return to in-store spending after the pandemic and have tightened budgets in response to rising living costs. The size of the firm's workforce has shrunk by 10% since March last year - shedding more than 75,000 employees just since the end of last year. "For the first time in several quarters, Amazon may finally have a bit of wind at its back," Mr Lipsman said. In Amazon's advertising unit, revenue jumped 23% compared with last year, while sales at Amazon Web Services - long the company's big profit driver - grew 16%. Overall sales were up 9% to $127.4bn in the January-March period - comparable to growth at the end of last year - and a big comedown from the pandemic, when sales surged more than 40% in some quarters.
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