Amazon report profit ahead of expectations FMTNews FMTBusiness
Amazon CEO Andy Jassy has aimed to slash spending across Amazon’s vast array of businesses.
Shares rose 8% in extended trading, also bolstered by a forecast for second-quarter results roughly in line with investors’ targets. Last month, he said Amazon would cut more jobs, now from its long-profitable cloud and advertising divisions, expanding the company’s layoffs since November to 27,000 employees, or 9% of its roughly 300,000-strong corporate staff. Full and part-time headcount in the just-ended first quarter dropped 10% from a year earlier to about 1.47 million employees, reflecting in part attrition in warehouse staff.
At the same time, it is seeking new revenue in the face of inflation that hurt retail demand in Europe, among other challenges. Beyond higher grocery delivery fees for US Prime loyalty members, it is offering them an add-on generic-drug subscription and it marketed discounted membership for primary care services after it closed a deal to buy provider One Medical in February.
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