Net sales for the three months ending June was $134.38 billion, exceeding analysts’ expectations of $131.63 billion with a guidance of $127 billion to $133 billion. The Amazon Web Services cloud unit generated $22.14 billion compared to an estimate of $21.71 billion.

Amazon’s diluted earnings per share for the quarter were $0.65, far exceeding Wall Street’s forecast of $0.35 per share. The company’s operating margin was 5.7%, compared to an estimated 3.46%.

Following the company’s strong Q2 results, Amazon decided to raise its third-quarter revenue outlook to a range of $138 billion and $143 billion, beating the expected $183.3 billion.

The post Amazon Stock Jumps Amid Strong Q2 Earnings appeared first on theprimarymarket.com.

Back in November, Amazon had its first big round of layoffs, parting ways with 10,000 workers. This was followed by the exit of another 8,000 employees in early 2023. At the time, affected teams felt caught off guard by the actions, which is why the company has now decided to make an early announcement.

Reuters reports that the layoffs will affect teams involved in Amazon Web Services and other “advertising and cloud computing divisions” as well as the streaming platform Twitch. Around 400 Twitch employers will be laid off, according to a blog post published by Twitch CEO Dan Clancy.

“Like many companies, our business has been impacted by the current macroeconomic environment, and user and revenue growth has not kept pace with our expectations. In order to run our business sustainably, we’ve made the very difficult decision to shrink the size of our workforce,” Clancy wrote.

Amazon has made several other moves in 2023 to cut costs, including putting an end to some experimental projects and closing several of its cashierless Amazon Go stores. Eight stores in total are set to close in Seattle, San Francisco, and New York.

Amazon’s stock surged around 3 percent on Tuesday, trading at $100.66 before close hours. The company’s shares are 17 percent up year-to-date.

The post Amazon Doubles Down On Layoffs, Will Trim Its Workforce by Another 9,000 Employees appeared first on theprimarymarket.com.

Net sales for the three months ending June was $134.38 billion, exceeding analysts’ expectations of $131.63 billion with a guidance of $127 billion to $133 billion. The Amazon Web Services cloud unit generated $22.14 billion compared to an estimate of $21.71 billion.

Amazon’s diluted earnings per share for the quarter were $0.65, far exceeding Wall Street’s forecast of $0.35 per share. The company’s operating margin was 5.7%, compared to an estimated 3.46%.

Following the company’s strong Q2 results, Amazon decided to raise its third-quarter revenue outlook to a range of $138 billion and $143 billion, beating the expected $183.3 billion.

The post Amazon Stock Jumps Amid Strong Q2 Earnings appeared first on theprimarymarket.com.

Back in November, Amazon had its first big round of layoffs, parting ways with 10,000 workers. This was followed by the exit of another 8,000 employees in early 2023. At the time, affected teams felt caught off guard by the actions, which is why the company has now decided to make an early announcement.

Reuters reports that the layoffs will affect teams involved in Amazon Web Services and other “advertising and cloud computing divisions” as well as the streaming platform Twitch. Around 400 Twitch employers will be laid off, according to a blog post published by Twitch CEO Dan Clancy.

“Like many companies, our business has been impacted by the current macroeconomic environment, and user and revenue growth has not kept pace with our expectations. In order to run our business sustainably, we’ve made the very difficult decision to shrink the size of our workforce,” Clancy wrote.

Amazon has made several other moves in 2023 to cut costs, including putting an end to some experimental projects and closing several of its cashierless Amazon Go stores. Eight stores in total are set to close in Seattle, San Francisco, and New York.

Amazon’s stock surged around 3 percent on Tuesday, trading at $100.66 before close hours. The company’s shares are 17 percent up year-to-date.

The post Amazon Doubles Down On Layoffs, Will Trim Its Workforce by Another 9,000 Employees appeared first on theprimarymarket.com.