Amazon.com reported stronger-than-expected revenue for the fourth quarter, driven by strong holiday sales in its retail business. However, its cloud computing unit, AWS, reported slower growth than anticipated.
Amazon .com surpassed Wall Street revenue expectations on Thursday, fueled by robust holiday shopping season sales that propelled its retail segment, effectively counterbalancing a decline in its cloud computing division. The company's stock dipped 2 percent in after-hours trading. The company, which employs approximately 6,500 people in Ireland, experienced a 19 percent surge in revenue for its cloud computing unit, Amazon Web Services (AWS), reaching $28.
79 billion, falling short of the anticipated $28.87 billion, according to data compiled by LSEG. Amazon joins smaller cloud providers Microsoft and Google in reporting underwhelming cloud performance. This cloud slowdown coincides with a period of heightened investor scrutiny regarding Big Tech's substantial capital expenditures and a growing demand for returns on their substantial investments in artificial intelligence.However, Amazon's retail business mitigated the cloud's weakness, reporting a 7 percent increase in online sales during the quarter, reaching $75.56 billion. This surpassed the projected $74.55 billion. The company announced total revenue of $187.8 billion for the fourth quarter, exceeding the average analyst estimate of $187.30 billion, as per data compiled by LSEG.
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