Amazon reports better-than-expected results, as revenue jumps 13%
Publishing timestamp: 2023-10-26 16:00:01
Summary
Amazon reported strong third-quarter earnings and revenue that surpassed analyst expectations. The company's core e-commerce business continued to recover, with net income more than tripling. Amazon's cost-cutting efforts have led to improved profit margins. The company's digital advertising revenue soared, outpacing competitors like Google and Facebook. However, Amazon's cloud unit, AWS, showed slower growth compared to Microsoft Azure and Google Cloud. CEO Andy Jassy remains optimistic about the outlook for AWS and the company's overall performance.
Sentiment: POSITIVE
Tickers: META, RIVN, GOOGL, MSFT, AMZN, SNAP,
Keywords: jeff bezos, snap inc, earnings, rivian automotive inc, amazon.com inc, meta platforms inc, breaking news: technology, alphabet inc, breaking news: earnings, microsoft corp, technology, business news, internet,
Source: https://www.cnbc.com/2023/10/26/amazon-amzn-q3-earnings-report-2023.html