American firm Amazon’s Q2 FY23 sales soar 11% to $134.4 bn

Amazon’s North American segment posted a significant sales increase of 11 per cent YoY to $82.5 billion. Meanwhile, international sales rose 10 per cent to $29.7 billion.

US-based multinational company Amazon’s Q2 FY23 results show an 11 per cent YoY increase in net sales to $134.4 billion, a significant rise from $121.2 billion in Q2 FY22.
Net income stood at $6.7 billion, up from a $2 billion loss in Q2 FY22.
Operating income in Q2 FY23 also increased to $7.7 billion, more than doubling last year’s $3.3 billion.

The operating income also rose to $7.7 billion in Q2 FY23, a sizeable leap compared with $3.3 billion in the same period last year. By segment, North America operating income stood at $3.2 billion, a sharp turn from the operating loss of $0.6 billion in Q2 FY22. Despite the international segment still reporting an operating loss, the figure has shrunk to $0.9 billion, down from $1.8 billion in Q2 FY22, the company said in a press release.

The retail giant has reported a net income of $6.7 billion for Q2 FY23, equating to $0.65 per diluted share. This is a significant improvement from a net loss of $2 billion or $0.20 per diluted share in Q2 FY22. Amazon’s operating cash flow also experienced a substantial uptick, with a 74 per cent increase to $61.8 billion for the trailing twelve months, compared with $35.6 billion in Q2 FY22.

“It was another strong quarter of progress for Amazon,” said Andy Jassy, Amazon CEO. “We continued lowering our cost to serve in our fulfilment network, while also providing Prime customers with the fastest delivery speeds we’ve ever recorded. We remain excited about what lies ahead for customers and the company.”

Fibre2Fashion News Desk (DP)