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Amazon beats expectations to avoid tech earnings slump

Amazon beats expectations to avoid tech earnings slump



Amazon's big headache: Fake reviewsReplayMore Videos ... (15 Videos)Amazon's big headache: Fake reviewsAre these building blocks a solution to the plastic problem?This animatronic Baby Yoda puppet looks like it's aliveWatch chess-playing robot break boy's fingerPeople are posting their cats' reactions to this new video game Tech giant's new robotaxi with removable steering wheel not legal yet in ChinaTwitter lawyer: No 'exit ramp' for Elon Musk out of takeover dealMetaverse expert predicts the future of the internetHow these satellites are helping fight methane pollutionHasbro 3D-prints your face on its action figure toysSee the first images taken by the James Webb Space TelescopeArt critic Jerry Saltz on DALL-E 2: 'This is pretty crapola illustration'This is how data collected from fertility apps could be used to prosecute abortion See a simulation of AI technology being used to prevent a mass shootingAmazon introduces new warehouse robot, says it's not replacing human workers (CNN Business)Amazon appears to still be going strong even as other Big Tech companies stumble amid pressure from inflation and an economic downturn.

The e-commerce giant on Thursday reported net sales of $121.2 billion for the quarter ended June 30, a 7% increase from the same quarter last year and higher than the $119 billion forecast by analysts surveyed by Refinitiv. Amazon (AMZN) stock surged more than 11% in after-hours trading following the results, shrugging off the company's $2 billion loss that it attributed in part to its investment in electric truck manufacturer Rivian. Amazon posted a bigger loss last quarter that it similarly attributed to the Rivian investment. "Despite continued inflationary pressures in fuel, energy, and transportation costs, we're making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network," Amazon CEO Andy Jassy said in a statement. This is a developing story and will be updated.


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