Amazon slashes its way to higher profits

The tech giant has had a tough few years. But are things on the up and up?

Amazon logo on building.
(Image credit: Michael Siluk / UCG / Universal Images Group)

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Amazon reminded investors last week that it's no Big Tech afterthought, said Spencer Soper in Bloomberg. The retail giant "pulled off a financial double play this earnings season," generating big earnings growth while cutting spending. The results sent shares soaring to their highest point in a year. After a period of "unprecedented axe-wielding," CEO Andy Jassy "seems ready to reinvest — just as recession fears recede and consumers say they feel better about the economy." Amazon said it planned to double the number of its same-day delivery facilities and is rebooting its grocery operations at Whole Foods and Amazon Fresh. Jassy also said "every single one" of Amazon's businesses is working on incorporating AI, and we'll see it everywhere from Amazon Search to Alexa home devices.

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