Amazon (AMZN) Q2 2023 earnings results beat EPS & revenue expectations

Amazon (AMZN) reported its Q2 2023 earnings results on Thursday, handily beating expectations for both earnings per share (EPS) and revenue.

Not only did Amazon beat expectations, the company did so handily. Wall Street’s mean EPS estimate was $0.35 per share, with the loftier whisper number being $0.40 per share. Amazon reported a $0.65 EPS result. In terms of revenue, Wall Street expected $131 billion for the quarter, with Amazon reporting an actual revenue number of $134.4 billion.

Amazon’s CEO, Andy Jassy, had this to say about the quarterly results:

“It was another strong quarter of progress for Amazon,” said Andy Jassy, Amazon CEO. “We continued lowering our cost to serve in our fulfillment network, while also providing Prime customers with the fastest delivery speeds we’ve ever recorded. Our AWS growth stabilized as customers started shifting from cost optimization to new workload deployment, and AWS has continued to add to its meaningful leadership position in the cloud with a slew of generative AI releases that make it much easier and more cost-effective for companies to train and run models (Trainium and Inferentia chips), customize Large Language Models to build generative AI applications and agents (Bedrock), and write code much more efficiently with CodeWhisperer. We’re also continuing to see strong demand for our advertising services as the team keeps innovating for brands, including the ramp up for Thursday Night Football with the ability for advertisers to tailor their spots by audience and create interactive experiences for consumers. We remain excited about what lies ahead for customers and the company.”

Shacknews will be digging deeper into the Q2 2023 financial results of Amazon and other gaming and tech companies. Stick with our market news topic for everything you could possibly need to stay current on earnings reports.