Amazon posted stronger than expected sales for the 2022 holiday shopping season, but shares fell in after-hours trading on slowed growth for its cloud computing division, AWS.
Overall, net sales for the ecommerce group, which has been battling cost-conscious consumers and spiralling costs, were $142.2bn in the three months to December 31, up 9 per cent from 2021 and exceeding analysts’ estimates. Robust sales events during the holiday season offered glimmers of hope that Amazon’s retail business may be staging a recovery.
But operating income for AWS, its largest profit driver, dropped marginally on the prior year. Sales growth fell to 20 per cent, compared to 40 per cent a year earlier.
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