Amazon Stock ( NASDAQ:AMZN )
Amazon.com ( NASDAQ:AMZN ) reported fourth-quarter 2022 earnings of 0.03 cents per share, a 97.8% year-over-year decrease.
Amazon’s net income of $0.3 billion includes a $2.3 billion pre-tax valuation loss in non-operating income related to its investment in Rivian Automotive.
The adjusted bottom line result is 21 cents per share, which is 40% more than the Consensus Estimate.
Net sales of $149.2 billion increased by 9% year on year. The amount surpassed management’s forecast of $140-$148 billion. Furthermore, the figure exceeded the Consensus Estimate of $145.4 billion.
Unfavorable changes in foreign exchange rates cost Amazon $5 billion, reducing year-over-year net sales growth to 12%.
Nonetheless, Amazon’s strong performance throughout the holiday season spurred top-line growth. Notably, it saw record-breaking sales from Thanksgiving through Cyber Monday, when small businesses in the United States made more than $1 billion in sales.
In the reported fourth-quarter scenario, Amazon had a 6% year-over-year increase in physical store sales, which stood at $4.96 billion.
Prime’s strength was a plus. Amazon’s subscription services sales increased by 13% to $9.2 billion in the reporting quarter.
Relationship building with third-party merchants remained a benefit. Third-party seller services sales increased 20% year on year to $36.34 billion in the reported quarter.
Strong advertising service sales climbed 19% to $11.56 billion.
However, the corporation saw sluggishness througho...
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