Amazon’s shares rose more than 10 per cent on Thursday after it beat revenue expectations and offered an upbeat forecast for the remainder of the year, as its reins in ecommerce costs and benefits from strong demand for its cloud computing business.
Amazon said it expected to return to double-digit quarterly revenue growth now that the year-on-year comparisons with the coronavirus pandemic-affected periods in 2020 and 2021 had passed.
Strong performance from its AWS cloud business, as well as its fast-growing advertising arm, were credited for the better than expected revenues — offsetting another year-on-year drop in online store sales.
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