Amazon Beats Sales and Revenue Projections

Breaking News

April 26th, 2024

Amazon (AMZN) reported strong financial results for its fourth quarter ended December, beating both sales and revenue projections. The company's net sales were $149.2 billion, an increase of 18% compared to the same period last year. Net income was $11.6 billion, up 25% year-over-year.

Amazon's revenue growth was driven by strong performance in its cloud computing and advertising businesses. Amazon Web Services (AWS) saw its revenue increase by 40% year-over-year to $26.3 billion. The company's advertising business also performed well, with revenue growing by 23% to $11.6 billion.

Amazon's results were better than expected by analysts, who had forecast sales of $145.5 billion and net income of $11.2 billion. The company's stock price rose by 5% in after-hours trading.

Amazon's strong financial results come as the company faces increasing competition from other tech giants such as Microsoft and Google. However, Amazon remains the dominant player in e-commerce and cloud computing, and its latest results show that the company is still growing at a rapid pace.