Amazon posts Q4 results with revenue growth, net income collapse
Amazon.com, Inc. announced its financial results for the fourth quarter ending December 31, 2022, with net sales of US$149.2 billion, up 9 percent year on year.
The company's net income decreased 98 percent to US$0.3 billion in the fourth quarter, or US$0.03 per diluted share, compared with US$14.3 billion, or US$1.39 per diluted share, in the fourth quarter of 2021, it reported on Thursday.
Its net loss was US$2.7 billion in 2022, or US$0.27 per diluted share, compared with a net income of US$33.4 billion, or US$3.24 per diluted share, in 2021.
Amazon's net sales increased by 9 percent to US$514.0 billion in 2022, compared with US$469.8 billion 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 data centers.
"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 every day, 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 health care and broadband satellite connectivity, provided more reason to feel optimistic about the future, he added.