Amazon Q2 2023 Sailed Past Estimates, Earning $134.4 Billion USD in Revenue

Reporting a growth of $13 billion USD.

Tech & Gadgets 
403 Hypes 0 Comments

Amazon is aiming high in Q2 2023 after a series of disappointing quarters. In its recent quarterly report, the e-commerce site recorded blowout profits, posting its biggest earnings since Q4 2020. The company showed that it returned to double-digit revenue growth, indicating that CEO Andy Jassy’s cost-cutting efforts are working.

According to CNBC, Amazon began its cost-cutting initiatives when it had its largest layoff in the company’s history. The company cut 27,000 jobs last Fall and has since froze corporate hiring. Global headcount fell 4% to 1.46 million people by the end of Q2. This past quarter, the company filed net income of $6.7 billion USD with an EPS of 65 cents over the 35 cents expected. The net sales hit $134.4 billion USD, higher than the the projected $131.6 billion USD.

Amazon reported a revenue growth to 11% year-over-year. Its revenue for its advertising and cloud businesses have also beat estimates with its ad haul hitting $10.7 billion USD over its expected $10.4 billion USD and its Amazon Web Services raking in $22.1 billion USD and pushing past the estimate of $21.8 billion USD. With sales climbing 12% in Q2 to $22.1 billion USD, AWS accounted for 70% of Amazon’s $7.7 billion USD in operating profit. The company also reported a net income of $6.7 billion USD after recording a $2 billion USD loss last year. For the third quarter, the company is expected to hit sales numbers between $138 billion and $143 billion USD or a growth between 9% and 13%.

In other tech news, Google researchers equip AI to transform brain scans into music.

Read Full Article

What to Read Next

Amazon Invests $4 Billion USD in OpenAI Competitor Anthropic
Tech & Gadgets

Amazon Invests $4 Billion USD in OpenAI Competitor Anthropic

Funding the development of language models and systems.

Gucci Sales Fall 4% in Q4 2023, Kering's Total Revenues Continue to Weaken
Fashion

Gucci Sales Fall 4% in Q4 2023, Kering's Total Revenues Continue to Weaken

The multinational luxury conglomerate saw sales decline by 6% in the fourth quarter of last year.

LVMH Reports Increased Revenues of €19.96 Billion EUR in 2023 Q3
Fashion

LVMH Reports Increased Revenues of €19.96 Billion EUR in 2023 Q3

Despite positive growth, the figure still fell below analysts’ estimates of €21.15 billion EUR. 


Valve Earned Nearly $1 Billion USD From 'Counter-Strike' Loot Boxes In 2023
Gaming

Valve Earned Nearly $1 Billion USD From 'Counter-Strike' Loot Boxes In 2023

A very successful year for the video game developer.

Closer Look at Toyota's New "1958" Land Cruiser
Automotive

Closer Look at Toyota's New "1958" Land Cruiser

A retro styling with modern updates.

Pepsi Debuts The Notorious B.I.G. Freestyle From 1997
Music

Pepsi Debuts The Notorious B.I.G. Freestyle From 1997

In celebration of hip-hop’s 50th anniversary.

Gal Gadot Reportedly Says She Is Developing "'Wonder Woman 3' Together" With James Gunn and Peter Safran
Entertainment

Gal Gadot Reportedly Says She Is Developing "'Wonder Woman 3' Together" With James Gunn and Peter Safran

“It’s so close to and dear to my heart.”

Dave White’s “Extinct” Series Arrive at Kiklo Spaces
Art 

Dave White’s “Extinct” Series Arrive at Kiklo Spaces

Displaying alongside the club’s exclusive collection of supercars.

Last Chance to Catch WhIsBe's "Innocence Lost" Exhibition
Art

Last Chance to Catch WhIsBe's "Innocence Lost" Exhibition

Designed to address the epidemic of gun violence in the U.S. Specifically its tragic impact on the youth.


Cordae Wants You To "Make Up Your Mind" in New Summer Single
Music

Cordae Wants You To "Make Up Your Mind" in New Summer Single

Produced by Dr. Luke.

Nike P-6000 Surfaces in "Khaki"
Footwear

Nike P-6000 Surfaces in "Khaki"

Just in time for Fall.

Google Assistant to Get AI Supercharge
Tech & Gadgets

Google Assistant to Get AI Supercharge

According to leaked internal emails that mention development of a mobile offering.

Watch Doja Cat "Paint The Town Red" in New Music Video
Music

Watch Doja Cat "Paint The Town Red" in New Music Video

The visual is based around three paintings that Doja Cat herself designed.

Adidas Pledges €110M EUR Charity Donation From YEEZY Sales
Footwear

Adidas Pledges €110M EUR Charity Donation From YEEZY Sales

Donating the proceeds to organizations battling anti-Semitism.

More ▾
 
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

By subscribing, you agree to our Terms of Use and Privacy Policy.
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.