Jeff Bezos’s Amazon, intent on slashing tens of thousands of jobs to maximize income, has announced the company’s profits have tripled over the latest financial quarter to a staggering $9.9 billion during the latest quarter, with even stronger figures expected in the next.
The world’s largest retailer said its revenue increased by 13 percent to $143.1 billion in the three months up to September 30, nearly $2 billion more than consensus analyst estimates. The company’s stock also rose four percent to $125 per share.
Amazon, however, says it expects its busiest fourth quarter to produce revenues between $160 and $167 billion, representing a 12 percent increase compared to 2022, and profits of up to $11 billion.
The company’s retail business “took another step forward,” according to Andy Jassy, who succeeded Jeff Bezos as President in 2021. He added that the company’s expansion into different sectors, including cloud computing and movie streaming, was “exceeding our optimistic expectations.”
At the beginning of 2022, Amazon employed 1.62 million people across the world, yet the figure now stands at 1.5 million following pressure from investors to cut the company’s operating costs.
Amazon is currently facing a lawsuit for supposedly “exploiting its monopoly power” by 17 federal states.
