2024-05-19 05:35:00 ET
Amazon (NASDAQ: AMZN) had a rough 2022 as rising inflation weighed on earnings, so last year the company revamped its cost structure to turn things around. And now this year, the market giant is showing investors they still can count on it for major growth. In the latest earnings report, sales increased in the double digits, and net income more than tripled.
This is thanks to Amazon's moves to boost efficiency and its ongoing dominance in the high-growth markets of e-commerce and cloud computing. And speaking of the cloud, this is where we'll find the company's biggest victory of the quarter. Gains here are significant because Amazon Web Services (AWS) generally is Amazon's profit driver -- so top performance by AWS should translate into stronger profitability for the company.
Let's check out this massive news for shareholders that Amazon delivered (excuse the pun) during its most recent earnings report...
For further details see:
This Is Massive News for Amazon Stock Investors