Amazon reported its fourth-quarter 2023 earnings Thursday, revealing outcomes for its October Prime Day occasion and the vacation procuring season.

Wall Avenue projected Amazon would publish $24.2 billion for its Amazon Net Providers (AWS) division and hit $14.2 billion in advert gross sales for the quarter ended Dec. 31, per StreetAccount. Amazon reported $14.7 billion in advert gross sales, up 27% yr over yr, and $24.2 billion for AWS, a rise of 13%.

Analysts additionally forecast earnings per share (EPS) of 80 cents on $166.21 billion in income, in accordance with consensus information offered by LSEG, previously Refinitiv. Amazon reported adjusted EPS of $1.00 on $170 billion in income.

“This This fall was a record-breaking Vacation procuring season and closed out a sturdy 2023 for Amazon,” Amazon CEO Andy Jassy mentioned in a letter to shareholders. “Whereas we made significant income, working earnings, and free money stream progress, what we’re most happy with is the continued invention and buyer expertise enhancements throughout our companies. The regionalization of our U.S. success community led to our fastest-ever supply speeds for Prime members whereas additionally reducing our value to serve; AWS’s continued long-term deal with prospects and have supply, coupled with new genAI capabilities like Bedrock, Q, and Trainium have resonated with prospects and are beginning to be mirrored in our general outcomes; our Promoting providers proceed to enhance and drive optimistic outcomes; our newer companies are progressing properly, and together with our extra established companies, collectively making prospects’ lives simpler and higher every single day. As we enter 2024, our groups are delivering at a speedy clip, and we’ve so much in entrance of us to be enthusiastic about.”

The This fall monetary outcomes come on the heels of the tech large shedding a whole lot of staff throughout Amazon MGM Studios, Prime Video, Twitch and Audible. These cuts observe greater than 27,000 staff being let go for the reason that finish of 2022.

Although not related for the presently reporting fourth quarter, it ought to be famous Amazon started exhibiting advertisements on Prime Video content material by default in main markets Monday, except customers decide to pay further ($2.99/month within the U.S.) to have an ad-free expertise. The corporate guarantees to have “meaningfully fewer advertisements than linear TV and different streaming TV suppliers,” and early outcomes for the brand new income stream could be included within the forthcoming Q1 report for 2024.

Amazon inventory closed Thursday at $159.28 per share. The common U.S. inventory markets will reopen Friday at 9:30 a.m. ET.

Jassy and different Amazon executives will host a convention name at 5:30 p.m. ET to debate the fourth quarter leads to larger element.