Amazon reported strong financial results for Q4 2023, with revenue reaching $170 billion and profits at $10.6 billion, surpassing analysts’ expectations, Associated Press reports.
The company experienced a record-breaking holiday shopping season, achieving 14% growth in revenue compared to the same period in 2022. Amazon’s online retail business generated $70.5 billion in revenue, marking a 9% increase from the previous year. Amazon Web Services (AWS) earned $24.2 billion, indicating a 13% growth.
Amazon highlighted the impact of better delivery speeds attracting more purchases from Prime members and revenue contributions from third-party sellers and its advertising business. Amazon’s stock rose up to 8% in after-hours trading.
Amazon also announced a new AI-powered shopping assistant named Rufus and invested up to $4 billion in the AI company Anthropic.
