Amazon posts $149.2 bn in net sales, faces short-term uncertainty - San Francisco News
by IANS | Updated Feb 03, 2023
The Jeff Bezos-founded e-commerce giant said that excluding the $5 billion unfavourable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 12 per cent compared with fourth quarter 2021.
Net income decreased to $0.3 billion in the fourth quarter, compared with $14.3 billion.
Amazon Web Services (AWS) sales increased 20 per cent year-over-year to $21.4 billion.
Amazon now expects to post first-quarter revenue of between $121 billion and $126 billion, representing year-over-year growth of 4-8 per cent.
"Our relentless focus on providing the broadest selection, exceptional value, and fast delivery drove customer demand in our Stores business during the fourth quarter that exceeded our expectations -- and we're appreciative of all our customers who turned to Amazon this past holiday season," said Andy Jassy, Amazon CEO.
"In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon," he added.
Last month, Amazon announced to lay off 18,000 employees among its corporate workforce, after cutting a number of employees in November.
"We're working really hard to streamline our costs and trying to do so at the same time so that we don't give up on the long-term strategic investments that we believe can meaningfully change broad customer experiences and change Amazon over the long-term," Jassy said on the analysts' call.
- Sebi 'fully equipped', could set up a panel of experts, Centre to SC on Adani issue
- Essar Oil & Gas Exploration & Production achieves highest ever revenue and EBIDTA
- Renault Nissan to invest $600 million, launch six new models (Lead)
- Inflation-linked road toll rate hike to be modest in FY24: ICRA
- Homegrown EV mobility solutions provider Magenta Mobility raises $40 mn
- Researcher says PokerBaazi exposed users' information, platform denies data breach (Lead)
- Piyush Goyal directs FCI to open more procurement centres in UP
- IIT-K unveils breakthrough in coal/mineral transportation
- Mumbai airport records surge in passenger movement, traffic up by 149% in Jan
- Tesla adjusts its EV pricing for 4th time in US