Amazon.com reported first-quarter revenue above Wall Street estimates on Thursday, helped by resilient demand for online shopping and cloud services businesses, sending its shares up about 11 per cent in extended trading.
E-commerce companies are set to make more gains over traditional brick-and-mortar retailers by diving deep into categories such as groceries and appliances among others, according to analysts.
Amazon’s dominance of the online retail sector has helped it avert a hit from weak consumer sentiment due to high inflation.
The world’s biggest online retailer reported net sales of $127.4 billion (€116 billion) in the first three months of the year, compared with expectations of $124.55 billion, according to Refinitiv.
Ireland should oppose EU proposals on regulatory protection for medicines
‘Extravagance? I get stressed by how much my kids will pay for a pair of runners’
Negotiation is a fact of life, whether you are trying to buy a house, close a deal or squeeze a pay rise
AIB offloads risk and obesity drug boss calls on Ireland to step up to the plate
It forecast net sales of between $127 billion and $133 billion for the second quarter, compared with expectations of $129.83 billion, according to Refinitiv data.
Net profit stood at $3.17 billion in the quarter ended March 31st, compared with a loss of $3.84 billion, a year earlier. – Reuters