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Amazon closes 2023 with strong fourth quarter

Mar 19, 2024 United States
Amazon closes 2023 with strong fourth quarter
The Seattle-based online giant ended 2023 on a high note, with a strong fourth quarter that saw significant increases year-on-year in net sales, operating income and net income
This Q4 was a record-breaking Holiday shopping season and closed out a robust 2023 for Amazon. 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”, commented Andy Jassy, Amazon CEO. “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”, he concluded.

Fourth Quarter Results

In the fourth quarter of fiscal 2023, Amazon’s net sales reached 170.0 billion US dollars, an increase of 14% on a comparable basis to the same period of the prior year; excluding the 1.3 billion US dollars favourable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales rose by 13% in this period.

Breakdown by segment. The North American segment added 105.5 billion US dollars to the company’s net sales, up by 13% year-over-year, and the international segment contributed 40.2 billion US dollars, up by 17% year-over-year (or 13% excluding changes in foreign exchange rates). Sales in the AWS segment totalled 24.2 billion US dollars, up by 13% year-over-year.

In the three months to the 31st of December, the online giant recorded an operating income of 13.2 billion US dollars, as compared to 2.7 billion US dollars in a similar quarter of fiscal 2022.

Amazon’s fourth quarter net income increased significantly to 10.6 billion US dollars, or 1.00 US dollars per diluted share, from 0.3 billion US dollars, or 0.03 US dollars per diluted share, in the fourth quarter of the prior year.


Full Year Results

The US-based company reported net sales of 574.8 billion US dollars in 2023, up by 12% as compared to the previous year; excluding the 0.1 billion US dollars unfavourable impact from year-over-year changes in foreign exchange rates throughout the year, net sales rose by 12% year-over-year.

In the twelve months to the 31st of December, Amazon’s net income amounted to 30.4 billion US dollars, or 2.90 US dollars per diluted share, as compared to a net loss of 2.7 billion US dollars, or 0.27 US dollars per diluted share, recorded in 2022.

First Quarter Outlook

For the first quarter of the current fiscal year, net sales are expected to be in the range of 138.0 billion US dollars to 143.5 billion US dollars, an increase of 8% to 13% on a comparable basis to the same period of 2022. Operating income is expected to be between 8.0 billion US dollars and 12.0 billion US dollars, as compared to 4.8 billion US dollars in the same year-ago period.


Image Credits: builtinseattle.com

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