Andy Jassy

Online retail colossus Amazon on Thursday said profit surged in the recently ended quarter on growing sales and more efficient deliveries, with its cloud business promising even better days ahead.

Amazon and Apple have reported earnings that topped market expectations, aiming for even better days ahead with the help of artificial intelligence (AI).

"Inside Amazon, every one of our teams is working on building generative AI applications that reinvent and enhance their customers' experience," chief executive Andy Jassy said during an earnings call.

Amazon plans to eliminate 9,000 more jobs in the next few weeks, CEO Andy Jassy said in a memo to staff on March 20.

Amazon announced on Jan. 4 it will cut more than 18,000 jobs from its workforce, citing "the uncertain economy" and the fact that the online retail giant had "hired rapidly" during the pandemic.

Amazon has announced it will cut more than 18,000 jobs, citing an "uncertain economy" and the fact that the retail giant has been "hiring rapidly over the past few years."

Tech giants that saw good times during the pandemic are dealing with a "hangover" compounded by inflation and the war in Ukraine, analysts have said after earnings released this week.

Amazon, Apple, Meta and Google-parent Alphabet released figures for the first quarter of this year that showed they are not impervious to turbulence roiling global markets.

Amazon has reported its profit doubled to $14 billion in the crucial holiday quarter, giving a boost to jittery markets that expected less due to higher labor, sourcing and delivery costs.

The e-commerce colossus said its net sales climbed to $137 billion, and its profit benefited greatly from a return on investment in electric vehicle maker Rivian, which went public in November.

In a letter to Amazon employees published Tuesday afternoon, Bezos announced he would transition to the executive-chairman role and focus on "new products and early initiatives."

"Being the CEO of Amazon is a deep responsibility, and it's consuming," Bezos wrote. "When you have a responsibility like that, it's hard to put attention on anything else."

Amazon founder Jeff Bezos said on Feb. 2 he would stand aside later this year as chief executive of the company he built from a startup into one of the world's most valuable firms.