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- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- China offers $325 bn in fiscal stimulus for ailing economy
- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
Amazon shares surge as earnings beat expectations
Shares in Amazon leapt on Thursday after the online retail colossus reported it made a lot more money than expected in the first quarter of 2023.
Amazon reported a profit of $3.2 billion on sales that climbed 9 percent to $127.4 billion in the quarter.
The net income was about a billion dollars more than analysts had forecast, and Amazon shares were up more than 7 percent to $117.87 in after-market trades that followed release of the earnings figures.
"There's a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy," said Amazon chief executive said Andy Jassy.
"Our Stores business is continuing to improve the cost to serve in our fulfillment network while increasing the speed with which we get products into the hands of customers."
Jassy in March laid out a plan to cut 9,000 more jobs from the online retail giant's workforce, following the 18,000 that were axed in January.
"Given the uncertain economy... and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount," Jassy said in a memo at the time.
The layoffs account for a smaller percentage of Amazon's total workforce, which ran up to 1.5 million people in December 2022, than the cuts seen at some other tech giants.
Amazon's Jassy told his workers that the extra layoffs were necessary as the company seeks a way to downsize after years of sustained hiring.
This was largely caused by the coronavirus pandemic when users in Amazon's major markets turned to the internet for shopping and entertainment, in a massive boost to the Seattle-based company.
The layoffs are part of the giant's cost-cutting campaign that also saw a pause in plans to open a new company headquarters in the Washington, DC area, though the company said this was only a temporary measure.
Amazon's AWS cloud computing unit saw revenue climb 16 percent to $21.4 billion, but costs ate into operating income, which tallied $5.1 billion as compared to $6.5 billion in the same quarter a year earlier, according to the earnings report.
"Amazon's stronger-than-expected performance for its key profit centers of AWS and advertising indicate that the enterprise and the digital ad sectors may be turning the corner," said Insider Intelligence principal analyst Andrew Lipsman.
"For the first time in several quarters, Amazon may finally have a bit of wind at its back," he added.
"While our AWS business navigates companies spending more cautiously in this macro environment, we continue to prioritize building long-term customer relationships," Jassy said.
P.Gonzales--CPN