Amazon reverses net loss position in 1Q 2023: E-commerce giant Amazon reported a net income of USD 3.2 bn in 1Q 2023, compared to a net loss of USD 3.8 bn in 1Q 2022, according to the company’s earnings release (pdf). Net sales increased 9% y-o-y to USD 127.4 bn, with North America segment sales increasing 11% y-o-y to USD 76.9 bn. International segment sales increased 1% y-o-y to USD 29.1 bn, and AWS segment sales increased by 16% y-o-y to USD 21.4 bn. The stronger-than-expected earnings come after the company implemented cost-cutting measures, including two rounds of layoffs, canceled products and canceled physical store expansions, CNN reports. (Variety | Associated Press | NY Times)

Some65% of carbon emissions reduction in the aviation industry will come from the switch to sustainable fuels, according to a statementfrom the International Air Transport Association. Production of those fuels, however, remains low, Brendan Sullivan, IATA’s Global head of Cargo said, adding that the right set of incentives could help production reach 30 bn liters by 2030 — which would be seen as a tipping point towards the net zero goal. (Arab News | MENA FN)

Tags: