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Amazon.com beats estimates for quarterly revenue

Amazon Beats Estimates for Quarterly Revenue

Strong Growth in Amazon Web Services and Other Businesses

Company Plans to Hire Over 400,000 Employees This Year

Amazon.com’s revenue for the first quarter of 2023 came in at $121.1 billion, surpassing analysts’ expectations of $115.5 billion. This represents an increase of 7% year-over-year, continuing the company’s strong growth trajectory.

“We’re seeing continued strong growth in Amazon Web Services,” said Andy Jassy CEO of Amazon.com. “We’re also growing in digital advertising, with strong performance from Amazon Ads.”

Amazon Web Services (AWS), its cloud computing platform, continues to be a major growth driver for the company. Revenues for AWS increased by 37% year-over-year to $18.4 billion, driven by increasing demand for cloud computing services from businesses and governments.

Additional businesses of Amazon.com, including its advertising business, also contributed to the company’s revenue growth. Digital advertising revenue increased by 18% to $7.9 billion, reflecting the growth of Amazon’s advertising platform.

Despite the ongoing economic uncertainty, Amazon.com remains optimistic about the future. The company is planning to hire over 400,000 employees in 2023, with a focus on hiring in its fulfillment and logistics operations.

The company’s strong financial performance and ambitious hiring plans indicate that Amazon is well-positioned to capitalize on the opportunities in the years to come.