Amazon’s revenues beat estimates, net income surges over 3,700%

Logo of Amazon

Amazon, the US e-commerce company, announced higher-than-expected revenues and profits for the fourth quarter of 2023, with better sales in the North American sector (+13% on a yearly basis) and the international sector (+17%).

The results of the e-commerce company show that net income skyrocketed by over 3,700% to reach $10.6 billion during the three-month period, compared to $278 million during the same period in 2022.

Earnings per share (EPS) reached $1, compared to Wall Street estimates of 80 cents, while Amazon's revenues increased by 14% on an annual basis to $170 billion, topping expectations of $166.2 billion.

Sales in the cloud unit "AWS" jumped 13% year-on-year (YoY) in Q4, reaching $24.2 billion, meeting expectations. Advertising revenues exceeded $14.7 billion, surpassing forecasts of $14.2 billion.

Andy Jassy, CEO of Amazon, stated, "This Q4 was a record-breaking holiday shopping season and closed out a robust 2023 for Amazon.” While Amazon achieved significant revenue, operating income, and free cash flow progress, what delights the company most is the continued innovation and improvement of the customer experience across our businesses, he added.

After the bell, Amazon's stock rose by 5.8% at 12:32 AM KSA time, after ending Thursday's session at $159.28 with a 2.65% gain.