Amazon reported a 13% jump in revenue in the first quarter, reaching $143.31 billion, with net income of $10.43 billion. The results surpassed analysts' expectations, reflecting a good start to the year.
The company saw robust consumer spending during the holiday period and continued growth in U.S. consumer spending, despite increased prices and borrowing costs. Amazon also noted lower spending in Europe.
Amazon's cloud computing unit, AWS, brought in $25.04 billion in sales for the first quarter, reflecting a 17% increase from the previous year. AWS plays a vital role in Amazon's strategy in the AI competition.
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