1P revenue grew HSD and Amazon’s revenue ex 1P increased by high-teens last quarter.
Since I continue to rate Amazon retail to be relatively overlooked driver for Amazon, let me start with margin discussions on retail.
North America’s operating margin bottomed at -2.3% 1Q’22 and has since then increased by more than 800 bps to reach 6.1% in 4Q’23, just shy of the pre-pandemic high of 6.4% in 1Q’19.
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