Amazon profits climb as cost cutting pays off

Exterior of Amazon warehouse

Amazon has reported an increase in profits for the second quarter of the year and increased its guidance for the next quarter as cost-cutting measures paid off.

In the quarter ending June 2023, Amazon reported a net income of $6.7bn (£5.2bn), as compared with the net loss of $2bn (£1.57bn) the business reported at the same time last year.

Net sales increased by 11% to $134.4bn (£105.6bn) as compared with $121.2bn (£95.3bn) in the second quarter of 2022.

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