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Late on Thursday, Amazon (AMZN) released its fourth-quarter results, above expectations for revenue but missing them for profitability as the e-commerce giant's normally robust cloud computing division failed to save it. Late trading saw a decrease in AMZN shares.
On $149.2 billion in sales, Amazon posted adjusted earnings of 3 cents per share. Analysts predicted that Amazon will announce earnings of 17 cents per share on a $145.7 billion in revenue.
In comparison to the same period last year, revenue increased by 9% this quarter.
Amazon Web Services, the company's cloud computing division, had a 20% increase in sales to $21.4 billion, although this was down from the 27.5% rise seen in the third quarter and was somewhat below forecasts.
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Outlook Diminishes Views
The business anticipates revenue for the first quarter to increase by 4% to 8%, or between $121 billion and $126 billion. The $123.5 billion midpoint is less than the $125.13 billion projection made by Wall Street.
During today's stock market after-hours trade, AMZN stock dropped 4.3% to 108.08.
The $11.6 billion increase in ad income was slightly beyond expectations.
In prepared remarks included with the earnings announcement, Chief Executive Andy Jassy said, "In the short term, we confront an uncertain environment, but we remain extremely enthusiastic about the long-term potential for Amazon.
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Large-Scale Layoffs at Amazon
A difficult economic environment that has affected e-commerce enterprises internationally has recently hampered the company's performance.
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The company said in January that it will be firing 18,000 employees, the greatest reduction in staff in its 28-year existence. The recent round of industry-wide layoffs includes the biggest ones at a major technology business.
In addition to the economy's decline, a variety of unfavorable factors, including a dramatic decline in digital advertising expenditure, inflation, rising interest rates, and escalating recession worries, hurt tech businesses.
After the business announced third-quarter results that beat on earnings in late October, AMZN shares fell sharply. However, Amazon's projection fell short of expectations.
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