The Amazon.com, Inc. (NASDAQ: AMZN) share price rallied 10.12% after releasing its financial results for the second quarter ended June 30, 2023. The company’s revenues increased 11% to $134.4 billion in Q2 2023 compared to $121.2 billion in Q2 2023.
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Breaking down its revenues, sales from North America totalled $82.5 billion and were up 11% compared to Q2 2022, while international sales were up 10% annually to $29.7 billion. Lastly, sales from its AWS segment were up 12% to $22.1 billion compared to last year.
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The retail giant’s operating income increased to $7.7 billion in Q2 2023, compared to $3.3 billion in Q2 2022. Income from North America surged to $3.2 billion versus a $0.6 billion loss recorded in the previous year. Profits from the international segment were $0.9 billion versus the $1.8 billion loss recorded in Q2 2022.
The company also highlighted some of its operational highlights, including delivering its most extensive selection of products to U.S. Prime members at the fastest speeds ever during the quarter. The company is also applying generative AI processes to all its business units.
Amazon also initiated the most extensive staff layoffs of any tech company by firing over 27,000 employees since last September. The company also froze corporate hiring and has initiated multiple cost-cutting measures across all departments.
For the third quarter, Amazon expects sales of between $138 billion and $143 billion or growth of between 9% and 13%.
Andy Jassy, Amazon’s CEO, said: “It was another strong quarter of progress for Amazon. We continued lowering our cost to serve in our fulfilment network while also providing Prime customers with the fastest delivery speeds we’ve ever recorded. Our AWS growth stabilized as customers started shifting from cost optimization to new workload deployment, and AWS has continued to add to its meaningful leadership position in the cloud with a slew of generative AI releases that make it much easier and more cost-effective for companies to train and run models (Trainium and Inferentia chips), customize Large Language Models to build generative AI applications and agents (Bedrock), and write code much more efficiently with CodeWhisperer.”
Amazon.com share price.
The Amazon.com (AMZN) share price surged 10.12% to trade at $141.95, from Thursday’s closing price of $128.91.
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