Amazon Q1 revenue, profit grow but cloud unit a concern

KIFI

Published April 27, 2023 2:31 PM

By HALELUYA HADERO
AP Business Writer

NEW YORK (AP) — Amazon on Thursday reported stronger-than-expected revenue and profits for the first quarter, sending its stocks higher in after-hours trading. But its prices took a dip in the evening amid concerns about a continued slowdown in the company’s profitable cloud computing unit AWS. The Seattle-based company said it pulled in $127.36 billion in revenue for the January-March quarter, a 9% growth compared to the $116.4 billion it reported during the same period last year. Profits came out to $3.17 billion, or 31 cents per share. The company said its profitable cloud unit AWS grew by 16% during the first quarter, much slower than a year prior. But that also beat analyst expectations.

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