Amazon reported fourth-quarter earnings slightly below Wall Street estimates even as sales surged and it reported the fastest growth in its prominent cloud computing business in 13 quarters.
The Seattle-based online behemoth on Thursday reported net income of $21.2 billion, or $1.95 per share, for the three-month period ended Dec. 31. That compares with $20 billion, or $1.86 per share, in the year-ago quarter.
Revenue rose 14% to $213.4 billion in the fourth quarter, compared with $187.8 billion in the year-ago period.
Analysts were expecting $1.97 per share on sales of $211.4 billion, according to analysts polled by FactSet.
Revenue from its cloud service arm called Amazon Web Services increased 24% to $35.6 billion. Analysts were expecting $34.9 billion.
Amazon said it plans to increase capital spending to $200 billion this year from $125 billion as it sees opportunities in artificial intelligence, robots, semiconductors and satellites, Amazon CEO Andy Jassy said in a press release. Wall Street analysts were expecting spending to rise to around $147 billion, according to FactSet.
Nobody worry, I’m sure they’ll fire another 15% of their workforce to make those arbitrary profit margins!
Just one more RIF bro. I swear the line will go up. One more RIF bro…
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So they invested like $100 billion in AI just for the stock price to slide down by 10%? And Jeff was already so excited for consumers and especially gamers to not own anything anymore.
UNFORTUNATELY None of that Profit was Profit though so PLEASE Remember to pay YOUR Taxes so Amazon can afford MORE Layoffs!
There must be “Forget Amazon” articles in abundance then in the WSJ right…?
