- Amazon (AMZN) posted its fourth-quarter earnings after the closing bell on Thursday.
- The company beat Wall Street estimates for revenue.
- Amazon provided light guidance for the next quarter.
AMZN Stock News: Amazon Inc (NASDAQ: AMZN) reported its fourth-quarter earnings on Thursday. The company continued its stretch of slowing growth as many of its main segments were hit hard by a challenging macroeconomic environment.
Amazon did manage to beat Wall Street estimates for revenues as it reported $149.2 billion compared to expectations of $145.42 billion. Earnings came in at $0.03 per share. Numbers were dragged down by a $2.3 billion write-down of its investment in Rivian Automotive (NASDAQ: RIVN).
The company’s figures came in line with disappointing quarters from big tech rivals like Alphabet (NASDAQ: GOOGL) and Apple (NASDAQ: AAPL), both of which also reported on Thursday after the closing bell.
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The biggest disappointment from Amazon’s call was the miss for its AWS segment. The cloud computing division has grown to be one of Amazon’s largest revenue streams. For the fourth quarter, AWS revenue came in at $21.4 billion compared to estimates of $21.87 billion from Wall Street.
Just as with ads, businesses around the world are cutting back on spending on cloud services as well. Surprisingly, Amazon’s ad revenue rose for the quarter on a 23% year-over-year basis. This outpaced other ad-centric companies like Meta Platforms (NASDAQ: META) and Alphabet over the same period.