The company will release its first quarter 2024 financial results via conference call on April 30, 2024. The company’s last published financial results were fourth quarter 2023 and fiscal year 2023. The fourth quarter and fiscal year 2023 was a record year for Amazon Inc (Nasdaq : AMZN). The fourth quarter saw record Christmas shopping to close out a successful 2023. While the company made meaningful progress in revenue and free cash flow, what pleased the company most was the continued improvement in customer support at its affiliates. The world’s largest retailer generated sales of $170 billion for the fourth quarter of 2023, up 14% from the same period in 2022, beating the expectations of Wall Street Journal analysts who had estimated around $166 billion. Net income for the fourth quarter was $10.6 billion.
The company is also seeing strong revenue growth in its cloud computing virtual storage and “AWS (Amazon Web Services)-enabled” applications thanks to Gen AI, which had $100 billion in revenue for fiscal year 2023. The company also recently launched an AI-powered shopping assistant, Rufus, in its mobile app, which had a major impact on the company’s overall sales, which increased 12% year-over-year to $574.8 billion.
The company employs around 1,600,000 tribal workers and last year it began layoffs, laying off 27,000 tribal workers. The move is mainly due to the fact that there is no longer a need to employ such a large number of employees as the Covid-19 pandemic has long since ended. Recruitment increased during the pandemic as more customers turned to online services for their needs. However, the demand for these services is declining.
23 Wall Street brokers raised their price targets on the stock as the online retail giant posted a 14% increase in sales in the holiday quarter, pointing to strong spending despite a tight economy. The average price target was set by the multinational investment corporations for the short- to medium-term investment horizon at $212.36 per share.
Graph Source : www.tipranks.com
