Amazon posts Q4 results with revenue growth, net income collapse-Xinhua

Amazon posts Q4 results with revenue growth, net income collapse

Source: Xinhua| 2023-02-03 13:45:00|Editor:

SAN FRANCISCO, Feb. 2 (Xinhua) --, Inc. announced its financial results for the fourth quarter ending Dec. 31, 2022, with net sales of 149.2 billion U.S. dollars, up 9 percent year on year.

The company's net income decreased 98 percent to 0.3 billion dollars in the fourth quarter, or 0.03 dollars per diluted share, compared with 14.3 billion dollars, or 1.39 dollars per diluted share, in the fourth quarter of 2021, it reported on Thursday.

Its net loss was 2.7 billion dollars in 2022, or 0.27 dollar per diluted share, compared with a net income of 33.4 billion dollars, or 3.24 dollars per diluted share, in 2021.

Amazon's net sales increased 9 percent to 514.0 billion dollars in 2022, compared with 469.8 billion dollars in 2021.

"We're encouraged by the continued progress we're making in reducing our cost to serve in the operations part of our Stores business. In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon," said Andy Jassy, Amazon CEO.

According to Jassy, the vast majority of total market segment share in both global retail and IT still resides in physical stores and on-premises datacenters.

"As this equation steadily flips, we believe our leading customer experiences in these areas along with the results of our continued hard work and invention to improve everyday, will lead to significant growth in the coming years," he said.

The company's investments and innovation in several other broad customer experiences, such as streaming entertainment, customer-first healthcare and broadband satellite connectivity, provided more reason to feel optimistic about the future, he added.