{"id":142741,"date":"2023-10-30T04:59:10","date_gmt":"2023-10-30T04:59:10","guid":{"rendered":"https:\/\/celebrity-hub.com\/?p=142741"},"modified":"2023-10-30T04:59:10","modified_gmt":"2023-10-30T04:59:10","slug":"amazon-revenue-jumps-13-to-143-1-billion","status":"publish","type":"post","link":"https:\/\/celebrity-hub.com\/lifestyle\/amazon-revenue-jumps-13-to-143-1-billion\/","title":{"rendered":"Amazon revenue jumps 13% to $143.1 BILLION"},"content":{"rendered":"<h1>Amazon revenue jumps 13% to $143.1 BILLION &#8211; after axing 27,000 jobs in the last year<\/h1>\n<ul>\n<li><strong>The e-commerce giant reported quarterly profits of $9.9 billion &#8211; surging past analyst estimates<\/strong><\/li>\n<li><strong>The company has been in cost-cutting mode over the last year &#8211; laying off 27,000 employees since last fall\u00a0<\/strong><\/li>\n<li><strong>It comes as the US economy grew last quarter at its fastest rate in nearly two years thanks to a\u00a0surge in consumer spending<\/strong><\/li>\n<\/ul>\n<p>Tech titan Amazon saw its revenue jump 13 percent in the last quarter &#8211; blowing past analyst expectations.\u00a0<\/p>\n<p>The e-commerce giant reported revenue of $143.1 billion for the three months to September &#8211; a 13 percent increase from the same period last year.<\/p>\n<p>The company also reported quarterly profits of $9.9 billion &#8211; surging past estimates.\u00a0<\/p>\n<p>Sales in North America were another bright spot, climbing to $87.9 billion &#8211; an 11 percent increase year-on-year.\u00a0<\/p>\n<p>It comes as the company has been in cost-cutting mode\u00a0over the last year &#8211; after demand began to slip after booming during the Covid-19 pandemic. Since last fall, Amazon has laid off 27,000 staffers.\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/27\/22\/77097453-12681381-The_e_commerce_giant_reported_revenue_of_143_1_billion_for_the_t-a-37_1698441542020.jpg\" height=\"398\" width=\"634\"><\/p>\n<p>The e-commerce giant reported revenue of $143.1 billion for the three months to September (Pictured: workers at an Amazon distribution center in New York)<\/p>\n<p>Chief executive Andy Jassy, who took over from founder Jeff Bezos in 2021, suggested in a statement Thursday that the company&#8217;s belt-tightening efforts may be beginning to pay off.\u00a0<\/p>\n<p>&#8216;We had a strong third quarter as our cost to serve and speed of delivery in our Stores business took another step forward, our AWS growth continued to stabilize, our Advertising revenue grew robustly, and overall operating income and free cash flow rose significantly,&#8217; he said.\u00a0<\/p>\n<p>In a note following the announcement of Amazon&#8217;s earnings results,\u00a0Zak Sambor, senior analyst at Insider Intelligence, said: &#8216;The retail giant&#8217;s slowdown last year appears to be in the rearview mirror as it has embarked on significant cost-cutting throughout this year and sharpened its focus on key growth areas, such as its high-margin online marketplace and advertising.&#8217;<\/p>\n<p>Earlier in the year, the company said its summer Prime Day sale had notched its biggest sales day ever.\u00a0<\/p>\n<p>Bargain hunting consumers raked in $6.4 billion in the first day\u00a0of the three-day event alone.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/27\/22\/77097343-12681381-Chief_executive_Andy_Jassy_took_over_from_founder_Jeff_Bezos_in_-a-38_1698441542023.jpg\" height=\"425\" width=\"634\"><\/p>\n<p>Chief executive Andy Jassy took over from founder Jeff Bezos in 2021<\/p>\n<p>The latest earnings report comes as the Federal Trade Commission (FTC) and 17 states sued Amazon last month &#8211; accusing the company of adopting a secret algorithm to raise prices\u00a0in a way competitors would follow to help boost their revenue.\u00a0<\/p>\n<p>Amazon has denied the allegations, claiming the FTC misunderstands how online pricing and competition works.<\/p>\n<p>In a statement, lawyer David Zapolsky said on behalf of the company: &#8216;If they were successful in this lawsuit, the result would be anticompetitive and anti-consumer because we&#8217;d have to stop many of the things we do to offer and highlight low prices &#8211; a perverse result that would be directly opposed to the goals of antitrust law.&#8217;<\/p>\n<p>Amazon&#8217;s upbeat earnings report comes as the US economy\u00a0grew last quarter at its fastest rate in nearly two years thanks to a surge in consumer spending.<\/p>\n<p>Gross domestic product increased 4.9 percent annually in July through September, according to preliminary figures released by the Commerce Department Thursday.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/27\/22\/77038311-12681381-Consumer_spending_was_up_4_percent_up_from_just_0_8_percent_last-a-39_1698441542026.jpg\" height=\"383\" width=\"634\"><\/p>\n<p>Consumer spending was up 4 percent, up from just 0.8 percent last quarter, Commerce Department figures revealed Thursday<\/p>\n<p>That was a jump up from a 2.1 percent rate in the second quarter and the largest growth since the fourth quarter of 2021.\u00a0<\/p>\n<p>Consumer spending was up 4 percent, up from just 0.8 percent last quarter.\u00a0Americans have so far defied analysts&#8217; expectations of a recession by maintaining strong spending.<\/p>\n<p>This summer they spent record-breaking amounts on blockbuster movies and concert tours, including\u00a0Taylor Swift&#8217;s Eras Tour and the Barbie movie, starring Margot Robbie.\u00a0<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/yourmoney\/consumer\/article-12681381\/amazon-revenue-jumps-billions-layoffs.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amazon revenue jumps 13% to $143.1 BILLION &#8211; after axing 27,000 jobs in the last year The e-commerce giant reported quarterly profits of $9.9 billion &#8211; surging past analyst estimates The company has been in cost-cutting mode over the last year &#8211; laying off 27,000 employees since last fall\u00a0 It comes as the US economy [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":142740,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amazon revenue jumps 13% to $143.1 BILLION - Celebrity-hub<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/celebrity-hub.com\/lifestyle\/amazon-revenue-jumps-13-to-143-1-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amazon revenue jumps 13% to $143.1 BILLION - Celebrity-hub\" \/>\n<meta property=\"og:description\" content=\"Amazon revenue jumps 13% to $143.1 BILLION &#8211; 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