Amazon Revenues Up 9.5 Percent to $188 Billion

E-tailing giant Amazon reported a net income of $20 billion on revenues of $188 billion in the quarter ending December 31, 2024. Those figures are up 47 percent and 9.5 percent, respectively, year-over-year (YOY).

Amazon also reported its earnings for the full fiscal year: A net income of $59.2 billion (up 49 percent YOY) on revenues of $638 billion (up 9.9 percent YOY).

“The holiday shopping season was the most successful yet for Amazon and we appreciate the support of our customers, selling partners, and employees who helped make it so,” Amazon president and CEO Andy Jassy said. “When we look back on this quarter several years from now, I suspect what we’ll most remember is the remarkable innovation delivered across all of our businesses, none more so than in AWS where we introduced our new Trainium2 AI chip, our own foundation models in Amazon Nova, a plethora of new models and features in Amazon Bedrock that give customers flexibility and cost savings, liberating transformations in Amazon Q to migrate from old platforms, and the next edition of Amazon SageMaker to pull data, analytics, and AI together more concertedly. These benefits are often realized by customers (and the business) several months down the road, but these are substantial enablers in this emerging technology environment and we’re excited to see what customers build.”

Amazon AWS delivered $28.8 billion in revenues, a gain of about 16 percent YOY. (For the year, AWS provided $107.6 billion in revenues, up 15.6 percent YOY.) Amazon’s capital expenditures were $28 billion, its higher ever, with most of that going to building out AI infrastructure. Amazon previously said it would spend about $75 billion in the fiscal year on AI infrastructure in a bid to match Microsoft, Meta, and Google.

Amazon’s advertising business grew 18 percent to $17.2 billion, but that’s slower growth than the year-ago quarter and the business missed expectations.

Looking ahead, Amazon said that revenues in the current quarter would be between $151 billion and $155.5 billion, lower than the $158.56 billion Wall Street expected. Amazon blames “an unusually large, unfavorable impact” from foreign exchange rates.