Amazon reported a remarkable surge in net sales, indicating a 14% increase to $170 billion in the holiday quarter concluding on December 31, 2023, compared to $149.2 billion in the corresponding period of 2022. Amazon's CEO, Andy Jassy, characterized the past holiday season as "record-breaking."
The net income for the fourth quarter of 2023 also witnessed a substantial rise, reaching $10.6 billion, in stark contrast to $0.3 billion in the fourth quarter of the previous year. The Amazon Web Services (AWS) segment saw a noteworthy 13% year-over-year increase in sales, amounting to $24.2 billion. Jassy expressed his satisfaction, stating, "This Q4 was a record-breaking Holiday shopping season and closed out a robust 2023 for Amazon." He further emphasized the rapid pace at which their teams are delivering and expressed excitement about the prospects in 2024.
Amazon unveiled a new AI chatbot named 'Rufus,' designed to assist customers in discovering more products on its platform. For the entirety of 2023, net sales experienced a 12% growth, reaching $574.8 billion compared to $514.0 billion in 2022. AWS segment sales for the entire year rose by 13% year-over-year to $90.8 billion. The net income for 2023 amounted to $30.4 billion, or $2.90 per diluted share, in contrast to a net loss of $2.7 billion, or $0.27 per diluted share, in 2022, according to Amazon.
Jassy highlighted not only the substantial progress in revenue, operating income, and free cash flow but also the continuous innovation and improvements in customer experience across Amazon's diverse businesses.
(With Agency Inputs)
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