Amazon Soared Nearly 13% in Premarket Trading after Showing Strong Q4 Results
Tiger Newspress2022-02-04
Amazon soared nearly 13% in premarket trading after showing strong Q4 results.
Amazon said profits nearly doubled in the critical holiday period, as the company managed to control labor and supply costs better than expected and saw gains in its cloud-computing and advertising businesses.
It reported $137.4 billion in quarterly revenue, up from $125.6 billion in the same period a year ago. Profits rose to $14.3 billion, from $7.2 billion a year ago. The financial results were a surprise to some analysts who expected earnings to be more subdued as Amazon dealt with rising costs on a variety of fronts.
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