As Amazon leans more into advertising through its Prime Video service (ads were turned on there earlier this week), the tech giant’s total advertising business is set to reach $14.6 billion in Q4 2023, the company said. said in its latest earnings report.
Amazon’s overall net sales were $170 billion, and net income was $10.6 billion, both of which beat Wall Street’s expectations.
“This Q4 was a record-breaking holiday shopping season and a strong finish to 2023 for Amazon,” Amazon CEO Andy Jassy said in a statement. “While we have made meaningful progress in revenue, operating income and free cash flow, what we are most pleased with is the continued innovation and improvement in customer experience across our businesses. Regionalization of our US fulfillment network has resulted in our fastest delivery speeds ever for Prime members, while also lowering our cost of service; AWS’s continued long-term focus on customers and feature delivery, coupled with new GenAI capabilities like Bedrock, Q, and Tranium, has resonated with customers and is being reflected in our overall results; Our advertising services are constantly improving and getting positive results; Our new businesses are progressing well, and together with our more established businesses, are making customers’ lives easier and better every day. As we enter 2024, our teams are performing rapidly, and we have a lot to be excited about.
As is usually the case with Amazon’s earnings report, the broader release also revealed some highlights from the company’s divisions. At Prime Video and MGM divisions, Amazon calls for success reacher, saltburnand promoted its new NASCAR rights deal, among other initiatives.
Of course, the company also said…