Amazon (NASDAQ: AMZN) investors may want to forget 2022 in a hurry. The technology giant has struggled on the stock market in the past year, due to a substantial slowdown in the company's growth and the sell-off in equities that sent the market into bear territory. But there is one business segment that has been soaring impressively and looks set to fly higher in 2023 and beyond -- advertising.

The e-commerce and cloud computing giant has made solid strides in the advertising business, generating $26.2 billion in revenue from this segment in the first nine months of 2022. This indicates Amazon's advertising business is on track to exceed its 2021 revenue of $31 billion, considering the quarterly revenue run rate in 2022.

Advertising is currently a small part of Amazon's overall business. The segment accounted for 7.5% of its top line in the third quarter of 2022. But it could move the needle in a bigger way for the company in the future.

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Source Fool.com