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Amazon Beats Q4 Earnings Estimates

Amazon fulfilment centre

Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its fourth quarter ended December 31, 2023.

Fourth Quarter 2023

  • Net sales increased 14% to $170.0 billion in the fourth quarter, compared with $149.2 billion in fourth quarter 2022. Excluding the $1.3 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 13% compared with fourth quarter 2022.
    • North America segment sales increased 13% year-over-year to $105.5 billion.
    • International segment sales increased 17% year-over-year to $40.2 billion, or increased 13% excluding changes in foreign exchange rates.
    • AWS segment sales increased 13% year-over-year to $24.2 billion.
  • Operating income increased to $13.2 billion in the fourth quarter, compared with $2.7 billion in fourth quarter 2022.
    • North America segment operating income was $6.5 billion, compared with an operating loss of $0.2 billion in fourth quarter 2022.
    • International segment operating loss was $0.4 billion, compared with an operating loss of $2.2 billion in fourth quarter 2022.
    • AWS segment operating income was $7.2 billion, compared with operating income of $5.2 billion in fourth quarter 2022.
  • Net income increased to $10.6 billion in the fourth quarter, or $1.00 per diluted share, compared with $0.3 billion, or $0.03 per diluted share, in fourth quarter 2022.
    • Fourth quarter 2023 net income includes a pre-tax valuation loss of $0.1 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation loss of $2.3 billion from the investment in fourth quarter 2022.

Full Year 2023

  • Net sales increased 12% to $574.8 billion in 2023, compared with $514.0 billion in 2022. Excluding the $0.1 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 12% compared with 2022.
    • North America segment sales increased 12% year-over-year to $352.8 billion.
    • International segment sales increased 11% year-over-year to $131.2 billion.
    • AWS segment sales increased 13% year-over-year to $90.8 billion.
  • Operating income increased to $36.9 billion in 2023, compared with $12.2 billion in 2022.
    • North America segment operating income was $14.9 billion, compared with an operating loss of $2.8 billion in 2022.
    • International segment operating loss was $2.7 billion, compared with an operating loss of $7.7 billion in 2022.
    • AWS segment operating income was $24.6 billion, compared with operating income of $22.8 billion in 2022.
  • Net income was $30.4 billion in 2023, or $2.90 per diluted share, compared with a net loss of $2.7 billion, or $0.27 per diluted share, in 2022.
    • 2023 net income includes a pre-tax valuation gain of $0.8 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation loss of $12.7 billion from the investment in 2022.
  • Operating cash flow increased 82% to $84.9 billion for the trailing twelve months, compared with $46.8 billion for the trailing twelve months ended December 31, 2022.
  • Free cash flow improved to an inflow of $36.8 billion for the trailing twelve months, compared with an outflow of $11.6 billion for the trailing twelve months ended December 31, 2022.
  • Free cash flow less principal repayments of finance leases and financing obligations improved to an inflow of $32.2 billion for the trailing twelve months, compared with an outflow of $19.8 billion for the trailing twelve months ended December 31, 2022.
  • Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations improved to an inflow of $35.5 billion for the trailing twelve months, compared with an outflow of $12.8 billion for the trailing twelve months ended December 31, 2022.

“This Q4 was a record-breaking Holiday shopping season and closed out a robust 2023 for Amazon,” said Andy Jassy, Amazon CEO. “While we made meaningful revenue, operating income, and free cash flow progress, what we’re most pleased with is the continued invention and customer experience improvements across our businesses. The regionalization of our U.S. fulfillment network led to our fastest-ever delivery speeds for Prime members while also lowering our cost to serve; AWS’s continued long-term focus on customers and feature delivery, coupled with new genAI capabilities like Bedrock, Q, and Trainium have resonated with customers and are starting to be reflected in our overall results; our Advertising services continue to improve and drive positive results; our newer businesses are progressing nicely, and along with our more established businesses, collectively making customers’ lives easier and better every day. As we enter 2024, our teams are delivering at a rapid clip, and we have a lot in front of us to be excited about.”

Source : Amazon

Image : Amazon 

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02 February 2024

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