Amazon posts $3.2 billion profit as it cuts jobs
April 28, 2023
Amazon.com reported a $3.2 billion first-quarter profit, up from a loss of $3.8 billion a year ago. The retail, logistics and technology giant has cut tens of thousands of jobs in recent months in an effort to grow its bottom line. “The results indicate that ongoing cost-cutting measures are having a positive impact on Amazon’s business prospects,” said Jesse Cohen, senior analyst at Investing.com. “Amazon’s strong guidance for Q2 revenue is another indicator that the company may be starting to come out of the woods.” Amazon expects its net revenue to grow between five and 10 percent year-over-year in the second quarter.
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