According to market research firm Statista, Amazon reported better-than-expected results for Q1 2023, with net sales of $127 billion and a net profit of $3.2 billion, beating analyst expectations. The CEO, Andy Jassy, highlighted the company's robust advertising growth, improved cost efficiency, and record fast delivery speeds for Prime members. However, comments made by CFO Brian Olsavsky during the earnings call regarding the company's AWS segment resulted in a decline in Amazon's share price. While AWS is Amazon's third biggest operating segment in terms of sales, it is the most profitable part of the company's operations, and investors tend to closely monitor its performance.
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Cover image source: Statista.