In the second quarter, the world's largest online retailer, Amazon, significantly increased its sales despite high inflation and fears of a recession. After the US stock market closed on Thursday, the group announced that revenue had increased by seven percent year-on-year to $121.2 billion (119 billion euros). Operating profit fell from $7.7 billion to $3.3 billion, but that exceeded experts' expectations.
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The quarterly report was well received on the financial market, with the share temporarily rising by more than twelve percent in the after-hours trading. Investors were particularly pleased with the business outlook for the current quarter. The online group announced sales growth of up to 17 percent to 125 billion to 130 billion dollars. Analysts had previously expected a median forecast of $127 billion.
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Amazon's subscription services in particular were able to increase sales significantly: by ten percent to $8.7 billion. Despite price increases, the group managed to win new customers for its Prime service. In addition to streaming films and series, users of the service also receive free shipping on many products. Prime users typically spend significantly more money on the e-commerce platform than other consumers.
The cloud business, which is important for Amazon, also continued to thrive. This is extremely important for the group, especially because of the high profit margins. The flagship Amazon Web Services increased revenue by almost a third to $19.7 billion. As a result, the platform's operating profit increased by 36 percent to $5.7 billion.
According to CEO Andy Jassy, cost control is making headway despite ongoing inflationary pressures in gasoline, energy and transportation. In particular, the productivity in the warehouse and delivery network has been improved. Compared to the previous year, operating expenses in this area climbed by around twelve percent to $117.9 billion. Accordingly, although the increase was higher than in sales, it was lower than feared by financial experts.
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