- Amazon has reported strong earnings results in 2023 so far.
- Q2 results significantly exceeded analyst predictions.
- Amazon will announce its Q3 earnings in October 2023.
Amazon, the massive tech company that provides e-commerce, cloud, streaming and digital advertising services, releases its earnings quarterly.
Andy Jassy, the Amazon CEO, joins the calls to report results and answer questions.
Here’s a breakdown of Amazon’s recent earnings.
Amazon Q2 earnings 2023
Amazon’s Q2 earnings beat analyst predictions by a long shot: revenue increased by 11%, to more than $134 billion, from Q2 2022.
Amazon’s net income for Q2 came in at $6.7 billion, a sharp increase from Q2 2022’s $2 billion loss.
Even before the earnings announcement, Amazon’s stock price had increased by more than 50% year to date in 2023.
Experts credit advances in AI for the rally of so-called “Magnificent Seven,” companies, which include Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla.
After the good news was announced, Amazon stock rose 9%, which drove Jeff Bezos’s net worth up $11 billion.
What were Amazon earnings Q1 2023?
Amazon’s prior earnings call on April 27, 2023, also reported strong results.
Amazon revenue increased 9% year over year to over $127 billion. Net income came in at $3.2 billion, compared to a net loss of $3.8 billion in Q1 2022.
Jassy highlighted how the company’s advertising business is leveraging machine learning to improve customer recommendations and how that, in turn has led to strong results for brands and Amazon’s bottom line.
Amazon Web Services, the company’s massive cloud provider, grew 16% year over year in Q1, a significant slowdown from its recent growth rate of 40%.
Its competitors, Azure (Microsoft) and Google Cloud grew by 31% and 28%, respectively, year over year in Q1.
When are Amazon earnings Q3 2023?
Amazon’s Q3 earnings call will be Thursday, October 26.
Amazon earnings history
While total Amazon 2022 revenue was $514 billion, a 9% increase from 2021’s over $469 billion, the company experienced a net loss of $2.7 billion.
The company attributed these losses partially to their investment in EV manufacturer Rivian.
Amazon does not pay a dividend.
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