Amazon posts rise in Q1 sales

Amazon posts rise in Q1 sales

Amazon has posted a 9 per cent increase in its year-on-year net sales which reached US $127.4 billion having been underestimated by market analysts who were expecting a figure closer to US $100 billion.

This news came as the business had pursued a major reduction in its headcount with some 27,000 jobs lost, as well as the closure of its Book Depository subsidiary in the UK.

Amazon CEO Andy Jassy commented: “There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy.

“Our stores business is continuing to improve the cost to serve in our fulfilment network while increasing the speed with which we get products into the hands of our customers. We expect to have our fastest Prime delivery speeds ever in 2023.

“Our advertising business continues to deliver robust growth, largely due to our ongoing machine learning investments that help customers see relevant information when they engage with us, which in turn delivers unusually strong results for brands.”



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