Amazon has reported its fourth quarter results for 2023, revealing a 14% increase in total sales compared to the previous year, reaching $169.961 billion. The company also achieved a net profit of $10.624 billion and generated a cash flow of $84.946 billion over the past 12 months.
Two of Amazon’s standout businesses with high growth rates are AWS, which generated $24.204 billion in revenue, marking a 13% increase. AWS also reported a profit of $7.167 billion. Additionally, the advertising business saw a revenue increase of 26% to $14.654 billion.
During the earnings call, Amazon CEO Andy Jassy spoke about the slower growth of AWS due to cost-cutting measures in the market. However, he acknowledged the increasing workload and potential growth opportunities, particularly in the field of Generative AI. While currently a smaller part of AWS’s business, Generative AI has the potential to become a multi-billion dollar enterprise in the coming years.
TLDR: Amazon’s Q4 2023 results show a 14% increase in sales, reaching $169.961 billion. AWS revenue grew by 13% to $24.204 billion, while the advertising business saw a 26% increase to $14.654 billion. CEO Andy Jassy mentioned the slower growth of AWS but highlighted the potential for future growth, particularly in Generative AI.
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