Leading technology company Amazon.com, Inc. (AMZN) beat analyst expectations in the first quarter of 2023, with revenue reaching $127.40 billion, surpassing the anticipated $124.50 billion. Amazon Web Services (AWS) generated $21.30 billion in revenue, beating the expected $21.22 billion, while advertising revenue stood at $9.50 billion, exceeding the projected $9.10 billion.
Although AWS sales grew nearly 16% during the first quarter, beating Wall Street’s estimates, they still slowed compared to the previous quarter’s 20% growth. Despite the revenue beat, AMZN’s sales growth remained in single digits after its weakest year for expansion as a public company.
