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Despite an overall mixed performance in the last quarter, Amazon continued to steadily expand its ads business, clocking 19% in year-over-year growth even as tech giants like Meta and Google have seen sales slow.
The online shopping giant said in its earnings report this week that it brought in $11.6 billion of ad sales in the last three months of 2022.
The result comes amid overall revenues that beat analyst expectations with $149.2 billion. But the company forecast a weaker performance this quarter as it continues to struggle with economic headwinds, causing its stock to dip in after-hours trading.
The quarter caps off a shaky year for Amazon as the company continues to grapple with consumers returning to physical stores, inflation and recession fears hanging over the tech industry as a whole.