The retail group has exceeded the expectations of the experts.
(Photo: Reuters)
Seattle The world’s largest online retailer, Amazon, significantly increased sales in the second quarter despite high inflation and fears of a recession. Revenues increased by seven percent year-on-year to $121.2 billion (119 billion euros), as the group announced on Thursday after the US stock market closed.
Although operating profit fell from $7.7 billion to $3.3 billion, it exceeded experts’ expectations. Bottom line, Amazon posted a net loss of $2.0 billion. The reason, however, was that a stake in the electric car manufacturer Rivian was devalued by $3.9 billion.
Despite persistent inflationary pressures in gas, energy and transportation, Amazon is making progress in controlling costs, CEO Andy Jassy said. In particular, productivity in the warehouse and delivery network has been improved. Nevertheless, operating expenses increased by around 12 percent to $ 117.9 billion compared to the previous year.