Amazon reports profits tripled during third quarter

Amazon, the world’s largest e-retailer, enjoyed profits that more than tripled in the third quarter ending Sept. 30. In spite of rising interest rates, and falling disposable income, consumers continued to spend heavily on online purchases.

Revenue in the third quarter was $143.1 billion, exceeding analyst expectations. Profit in the quarter was $9.9 billion compared to $2.9 billion in the same quarter of 2022. Amazon’s workforce, up to a record 1.62 million workers worldwide at the beginning of 2022 during the Covid boom, has been cut significantly post-Covid and now stands at 1.5 million workers.