Amazon announced on Thursday that its earnings in the most recent quarter doubled to $14 billion, boosting nervous markets that had expected less owing to increasing labor, sourcing, and shipping expenses.
The e-commerce behemoth claimed its net revenues increased to $137 billion, with a large portion of its earnings coming from a return on investment in Rivian, an electric vehicle manufacturer that went public in November.
At 2130 GMT, its shares were up 14% in after-hours trading, attracting investors looking for any positive news after Facebook parent Meta’s stock plummeted.
Amazon has been hit particularly hard by pandemic-related supply chain issues, worker churn, and inflation, all of which have impacted people’s lives and businesses’ capacity to generate money.
This earnings season, Google parent Alphabet and Apple have reported huge profits, but Facebook has been pummeled by the markets, dropping $200 billion in value after poor results that cast doubt on its future.
