Amazon reported better than expected sales and profits in the March quarter despite persistent inflation and a weakening economic environment that analysts had feared would result in softer spending among consumers and enterprise cloud customers.

Revenues grew 9 per cent to $127.4bn, ahead of forecasts of $124.6bn, according to S&P Capital IQ. Sales at Amazon’s online stores were flat at $51.1bn, but topped forecasts of $50.4bn.

Revenue at Amazon Web Services, its cloud unit, grew 16 per cent to $21.4bn, ahead of forecasts for $21.2bn. Amazon chief executive Andy Jassy said AWS customers were “spending more cautiously,” but added: “We like the fundamentals we’re seeing in AWS, and believe there’s much growth ahead.”

Read more on Amazon here.

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