Tech giant Amazon is proving to the world how it is a leader in the global digital market with key gains in revenue and profit, thanks to its ad business.
The company reported a massive 24% increase in its revenue thanks to advertising this week and it wouldn’t be wrong to mention that it’s the latest indicator of how the ad market continues to rebound.
The firm’s revenue in this domain went up to $11.8 billion during Q1 of 2024 as compared to just $9.5 billion in 2023. Meanwhile, experts claim this is not something new as they were expecting the figures to reach this high so as to bring forward $11 billion more in the quarter as revealed by StreetAccount recently.
The company boasted a massive $143 billion revenue for the entire period which was again a 13% rise from 2023. While we agree that the company takes pride in other leading businesses like online retail and cloud computing that generate a lot of revenue for the firm, Amazon is looking at other avenues to achieve better growth and profits as growth tends to attain a slump elsewhere.
We’ve seen a host of digital ad firms achieve more growth after brands started to reel in more spending to better deal with general market cost increases and a rise in inflation.
Other leading names in the tech world such as Meta, Google, and Snap also shared their earnings report in the past week and they also attained figures for revenue that were more than what the estimates talked about.
This was mostly driven by the likes of enhanced advertising on the business front.
Meta for instance says its ad revenue for Q1 jumped 13% from the previous one while YouTube spoke about its ad revenue rising by 21%. Moreover, the firm grew as a whole than what was witnessed two years back while shares of the organization also went up 10% which was another welcoming win for Google’s parent firm Alphabet.
On the other hand, social media giant Snap spoke about shares rising by a staggering 21% to hit $1.1 billion which it feels is one of the biggest growth attained over a two-year timeframe.
Image: DIW-Aigen
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