Amazon has been hit as shoppers return to in-store spending after the pandemic.
Amazon’s core e-commerce business may be struggling — but the profit-making parts of its business are delivering.
Online sales were flat in the first three months of the year compared with the same period in 2022, the company said on Thursday.
But it offset that with better-than-expected sales in its cloud services and advertising units.
Profits also jumped in a sign that the firm’s cost-cutting drive may be starting to pay off.
«There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy,» chief executive Andy Jassy said.
Amazon sales have been sluggish as shoppers return to in-store spending after the pandemic and have tightened budgets in response to rising living costs.
