NextGen Day

ISTANBUL — Amazon has demonstrated a remarkable financial recovery in the second quarter, showcasing robust profits and a notable rebound from losses reported during the same period last year. According to the company’s recently released financial results statement on Thursday, the global e-commerce titan based in the US achieved a substantial net income exceeding US$6.7 billion for the April-June interval this year, a stark contrast to the net loss of over US$2 billion recorded in the corresponding period last year.

The positive trend extended across multiple financial indicators, with net sales registering an impressive 11 percent surge, reaching US$134.4 billion for the quarter ending on June 30. This marked a significant increase from the US$121.2 billion recorded during the same period in 2022. Further underlining the company’s resurgence, its operating income more than doubled, ascending to US$7.7 billion from the US$3.3 billion reported in the prior-year quarter.

Chief executive officer Andy Jassy credited the company’s ongoing efforts to optimize its fulfillment network for favorable financial performance. He highlighted the company’s continuous efforts to lower its service cost while identifying robust demand for Amazon’s advertising services.

The company’s advertising services yielded noteworthy results, contributing US$10.7 billion in revenue during the second quarter, reflecting a substantial 23 percent growth compared to the US$8.7 billion achieved in the same period year-on-year.

Amazon’s forward-looking strategies also encompassed workforce adjustments. In March, the company announced plans to reduce around 9,000 positions. This decision followed an earlier announcement in November, where Amazon unveiled its intention to trim 10,000 jobs across various units, including retail, human resources, and devices divisions, as well as roles associated with the AI voice assistant Alexa and its Luna cloud gaming sector.

Reflecting the positive outcomes in the financial report, Amazon’s stock price witnessed a notable upswing. The company’s shares surged by 7.6 percent to reach US$138.75 per share on the Nasdaq, recorded as of 4:20 p.m. EDT during after-hours trading. The boost followed the closing price of US$128.91 per share on Thursday.

The company’s solid financial performance and impressive recovery underscore its enduring position as a global leader in the e-commerce and technology sectors, exhibiting its capacity to adapt and thrive even in challenging economic climates.

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