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Amazon misses 4Q profit estimates despite better-than expected growth in cloud computing business (apnews.com)
submitted 9 months ago by to c/technology@lemmy.world
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Amazon reported fourth-quarter earnings slightly below Wall Street estimates even as sales surged and it reported the fastest growth in its prominent cloud computing business in 13 quarters.

The Seattle-based online behemoth on Thursday reported net income of $21.2 billion, or $1.95 per share, for the three-month period ended Dec. 31. That compares with $20 billion, or $1.86 per share, in the year-ago quarter.

Revenue rose 14% to $213.4 billion in the fourth quarter, compared with $187.8 billion in the year-ago period.

Analysts were expecting $1.97 per share on sales of $211.4 billion, according to analysts polled by FactSet.

Revenue from its cloud service arm called Amazon Web Services increased 24% to $35.6 billion. Analysts were expecting $34.9 billion.

Amazon said it plans to increase capital spending to $200 billion this year from $125 billion as it sees opportunities in artificial intelligence, robots, semiconductors and satellites, Amazon CEO Andy Jassy said in a press release. Wall Street analysts were expecting spending to rise to around $147 billion, according to FactSet.

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[–] 61 points 9 months ago* (2 children)

So backing this fascist regime isn’t helping their business?

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    • [–] 25 points 9 months ago

    Just one more RIF bro. I swear the line will go up. One more RIF bro..

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    [–] 23 points 9 months ago

    Nobody worry, I'm sure they'll fire another 15% of their workforce to make those arbitrary profit margins!

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    [–] 22 points 9 months ago* (last edited 9 months ago) (1 child)

    In the past few months our electric rates went up 14.5%, our heath care costs more than tripled, and grocery and necessities prices have shot way up.

    Guess what we're cutting back on? The kind of stuff Amazon sells.

    We're just starting to see the Trump economy.

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  • [–] 9 points 9 months ago

    We canceled prime. If we really need something from Amazon it's $35 for free shipping anyways. We partially canceled because it's all no name cheap garbage. At least some other retailers vet and back their products.

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    • [+] 17 points 9 months ago (6 children)
    [deleted]
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  • [–] 8 points 9 months ago (3 children)

    AWS is the real money maker for Amazon, making up most of their revenue.

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  • [–] 4 points 9 months ago* (1 child)

    Amazon abuses employees, destroys the environment, attacks unions, kills local businesses, sells fake crap, spies on us, supports a violent fascist US regime that threatens to invade my country, and is causally responsible for that godawful stunt where Katy Perry spent 2 minutes in space then made us all stupider with the dumbest interview in the history of dumb interviews. Any one of these is a great reason not to shop with them.

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    • [–] 12 points 9 months ago

    UNFORTUNATELY None of that Profit was Profit though so PLEASE Remember to pay YOUR Taxes so Amazon can afford MORE Layoffs!

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    [–] 8 points 9 months ago

    So they invested like $100 billion in AI just for the stock price to slide down by 10%? And Jeff was already so excited for consumers and especially gamers to not own anything anymore.

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    [–] 3 points 9 months ago

    There must be “Forget Amazon” articles in abundance then in the WSJ right..?

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    [–] 2 points 9 months ago

    Yeah, we're taking the cloud computing too

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