US firm Amazon's net sales climb 12% to $574.8 bn in FY23

The North America segment, a crucial driver of Amazon's revenue, saw a 12 per cent increase in sales to $352.8 billion. Internationally, Amazon also made significant strides, with sales growing 11 per cent to $131.2 billion, Amazon said in a press release.

Operating income for the fiscal year showed a remarkable improvement, soaring to $36.9 billion, compared with $12.2 billion in the previous year. This was led by a strong performance in the North America segment, which reversed its previous year's operating loss to report a profit of $14.9 billion. Despite facing challenges, the international segment managed to significantly reduce its operating loss to $2.7 billion, down from $7.7 billion in FY22.

Amazon reported a net income of $30.4 billion for fiscal 2023, translating to $2.90 per diluted share, marking a dramatic recovery from a net loss of $2.7 billion, or $0.27 per diluted share, in the previous year.

For the fourth quarter of fiscal 2023 (Q4 FY23), Amazon continued its growth trajectory with net sales increasing by 14 per cent to $170 billion, compared to $149.2 billion in the same period of FY22. This growth was fuelled by a 13 per cent increase in North America segment sales to $105.5 billion and a 17 per cent increase in international segment sales to $40.2 billion. AWS also saw a significant increase in operating income to $7.2 billion, up from $5.2 billion in Q4 FY22.

Operating income for the fourth quarter increased to $13.2 billion, compared to $2.7 billion in the fourth quarter of FY22.

“This Q4 was a record-breaking holiday shopping season and closed out a robust 2023 for Amazon,” said Andy Jassy, Amazon CEO. “While we made meaningful revenue, operating income, and free cash flow progress, what we’re most pleased with is the continued invention and customer experience improvements across our businesses.”

Fibre2Fashion News Desk (DP)