Amazon says profit may continue to slump

Amazon on Thursday forecast operating profit may continue to slump in the current quarter, as mass lay-offs at the retailer only dent the financial impact of consumers and cloud customers clamping down on spending.

And while Amazon’s Christmas revenue beat Wall Street’s expectations, sales growth from its lucrative cloud-computing division slowed during the fourth quarter.

Shares fell 5 per cent in after-hours trade, erasing their 7 per cent gain before the market’s close on Thursday.

Facing high inflation and an uncertain economy, chief executive Andy Jassy has aimed to slash costs across Amazon’s vast array of businesses.

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Last month, he announced more than 18,000 employees particularly in its commerce and human resources divisions would lose their jobs. Amazon likewise has scaled back or shut down entire services like its virtual primary care offering for employers. The company has some 5,000 staff in Ireland.