Aug 3, 2023

Amazon online sales improve despite economy fears

Amazon's e-commerce business perked up in the three months to June, after months of lacklustre spending amidst a wider, sluggish economy. It helped to drive overall sales up 11% year-on-year to a better-than-expected $134.4bn. Amazon's July Prime Day was its biggest ever, with 375 million items purchased. Though known for its online shopping operation, Amazon's financial results are driven far more by units such as its cloud computing business, called AWS, and - in more recent years - advertising. Amazon's online sales rose 4% in the April to June period, after no growth at the start of the year, the company said. Even its international business, which was posting declines a year ago, reported sales growth, of roughly 10%. The gains helped send Amazon shares up more than 6% in after-hours trade.

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