Amazon logs record $140 bn in net sales in holiday quarter

Net income increased to $10.6 billion in the fourth quarter of 2023, compared with $0.3 billion in the fourth quarter of 2022.

San Francisco: Net sales for Amazon increased 14 per cent to $170 billion in the holiday quarter that ended December 31, 2023, compared with $149.2 billion in the fourth quarter of 2022. Amazon CEO Andy Jassy said the past holiday season was “record-breaking.”

Net income increased to $10.6 billion in the fourth quarter of 2023, compared with $0.3 billion in the fourth quarter of 2022. Amazon Web Services (AWS) segment sales increased 13 per cent year-over-year to $24.2 billion.

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“This Q4 was a record-breaking Holiday shopping season and closed out a robust 2023 for Amazon, said Jassy. 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 added.

Amazon also revealed a new AI chatbot called ‘Rufus’ which is supposed to help customers find more products to buy on its platform. For the full year 2023, net sales increased 12 per cent to $574.8 billion, compared with $514.0 billion in 2022. AWS segment sales increased 13 per cent year-over-year to $90.8 billion for the entire year. 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, said Amazon.

“While we made meaningful revenue, operating income, and free cash flow progress, what we are most pleased with is the continued invention and customer experience improvements across our businesses,” said Jassy.