Hours after JB Hi Fi reported a 14% lift in sales, Amazon has reported that their online sales rose 7% to a massive A$83 billion, profits were down due in part to rising operational costs.
Overall Amazon sales rose 15% from a year earlier, while net income was $2.9 billion—its first quarterly profit in 2022, though still a 9% decline from the same period last year.
The giant e-commerce business projected revenues of $140 billion to $148 billion in the current period, the downturn is due in part to foreign-exchange factors.
Analysts had expected more than $155 billion, according to FactSet.
Amazon, said that operating income will be between zero and $4 billion, as the business enters its biggest period.
Chief Executive Andy Jassy said the company has a set of initiatives that it is “methodically working through that we believe will yield a stronger cost structure for the business moving forward.
Amazon has flourished through the pandemic but is now anticipating a slow down as more people become expenditure conscious.
get out and do less shopping, working, and entertaining themselves online.
After falling in the last quarter Amazon online sales got a boost from its annual Prime Day sale, which this year fell in the third US quarter, whereas last year it was in the second quarter.
