Amazon Gains After Robust Sales, Strong Profit Outlook
- Cloud unit sales jump 13%, easing fears of demand slowdown
- Advertising revenue rose for a fourth consecutive period
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Amazon.com Inc. reported strong sales and gave an operating income outlook that surpassed estimates, suggesting that Chief Executive Officer Andy Jassy’s unrelenting cost-cutting and focus on services that make money is reshaping the once free-spending company.
The Seattle-based company turned in a blowout holiday season, posting the strongest online sales growth since the early days of the pandemic. The cloud computing division, meanwhile, has stabilized and executives say growth will accelerate this year as corporate customers resume their spending. Wall Street cheered, pushing the shares up about 8% in extended trading.