Amazon reported a profit of
$3.2B in Q1 2023
, a notable improvement from its $3.8B net loss a year before.
The company has undergone a period of cost-cutting that includes
large-scale layoffs
and
canceled or postponed projects
.
- Despite the economic uncertainty, Amazon posted a 9% increase in revenue from the prior year.
- Its advertising business reported sales of $9.5B, up 21% year-over-year.
- Amazon Web Services, one of its major profit engines, saw sales rise 16% to $21.4B, which was still a slowdown from the priors quarter's 20% growth.
-
The results come as Amazon is laying off roughly
9,000
corporate employees by the end of this month. It previously cut the jobs of 18,000 workers, reducing its global headcount by 10% from Q4 through Q1.
- On Wednesday, Amazon said its health-oriented and fitness tracker division, Halo, will be phased out over the coming weeks.
-
In March, the company
revealed
that it had halted the second phase of development of HQ2, its second headquarters in Arlington, Virginia. The first phase is still on track to open
in June
.
