- Amazon’s sales increased by 14 percent in the fourth quarter of 2023
- Retail giant raked in $170 billion thanks to rampant holiday spending
- Amazon stock prices rose 5 percent in after-hours trading
Amazon raked in $170 billion in the final quarter of 2023 thanks to a boost in holiday shopping.
The retail giant’s financial results exceeded analyst expectations and sent its shares up 5 percent in after-hours trading.
Turnover in the fourth quarter increased by 14% compared to the same period last year. Analysts on average expected revenue of $166.21 billion, according to LSEG data.
Amazon Web Services (AWS), the world’s largest cloud services unit, generated revenue of $24.2 billion in the fourth quarter, compared to analysts’ expectations of $24.26 billion.
Amazon raked in $170 billion as a retail giant in the last quarter of 2023 on a boost in holiday shopping
Amazon – whose founder and chairman Jeff Bezos has a net worth of $
In what is seen as a boost for e-commerce companies, consumers spent big on goods and services during the holidays despite high interest rates, a Commerce Department report showed last week.
Meanwhile, growth at Alphabet and Microsoft’s cloud units exceeded market expectations as customers looked to test new AI features and build them for their own applications.
The company expects revenue of between $138 billion and $143.5 billion for the current quarter. Analysts polled by LSEG expected revenue of $142.13 billion.
Net profit rose to $10.6 billion in the fourth quarter from $278 million a year earlier.
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