As is our custom on Amazon earnings day we go to Seattle's own, GeekWire.
February 2, 2023
Amazon beat revenue expectations for its fourth quarter as the company continues to navigate various headwinds.
The Seattle tech giant reported revenue of $149.2 billion, up 9% year-over-year, topping both analyst expectations and the company’s own guidance.
But rising costs are cutting into Amazon profits, which fell 98% from the year-ago period to $278 million. That includes a pre-tax valuation loss of $2.3 billion attributed to the company’s investment in Rivian.
Analysts expected revenue of $145 billion and earnings per share of $0.17 for the December quarter.
“In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon,” CEO Andy Jassy said in a statement.
In a sign of the broader tech spending slowdown, revenue for Amazon Web Services grew just 20% in the fourth quarter, compared to 40% growth in the year-ago period. Amazon warned in October that companies were cutting their cloud spend and said that continued in Q4. Microsoft said it saw “moderated consumption growth” with its cloud platform in its most recent quarter.
Shares of Amazon were down as much as 6% in after-hours trading....
....MUCH MORE
And more to come from GeekWire. They need time to digest their Amazon Prime deliver.
Reiterating, here is AMZN's press release.
And here is the current filing with the SEC. It's on form 8K, the 10K isn't due until Feb. 14.
After trading up $7.76 (+7.38%) to $112.91 in the regular session, the stock is now down $4.20 at $108.71. We'll have the conference call and links to GeekWire's updates either later today or early tomorrow.
There's Apple and Google an so much more
