From CNBC:

Amazon reported fourth-quarter earnings of $1.00 per share, exceeding analysts’ expectations of 80 cents per share. Revenue reached $170 billion, higher than the expected $166.2 billion. The company expects first-quarter sales to be between $138 billion and $143.5 billion, beating estimates. CEO Andy Jassy’s cost-cutting measures resulted in a substantial increase in net income.

Amazon posted record-breaking holiday sales, resulting in a 14% revenue increase to $170 billion. The company laid off 27,000 employees and streamlined unproven projects, while also seeking to reduce costs in various business segments. CFO Brian Olsavsky emphasized that Amazon will continue to invest in new areas while seeking efficiencies in existing operations.

Sales at Amazon Web Services reached $24.2 billion, in line with market predictions. Growth in AWS had previously slowed due to businesses cutting cloud spend, but the company expects new workloads and AI products to drive significant future revenue growth. Amazon’s advertising unit also grew, reaching $14.7 billion in sales as the company began showing ads on Prime Video content.

Amazon CEO Andy Jassy aims to continue investing in new areas to resonate with customers, following a successful 2023 performance. The company announced a generative AI shopping assistant, Rufus, to enhance the online shopping experience. Jassy remains optimistic about the future, with a focus on delivering value for customers.



Read more: Amazon (AMZN) Q4 earnings report 2023