Amazon (AMZN) Q3 2023 earnings results beat EPS & revenue estimates

Amazon (AMZN), one of the world’s biggest companies, has released its earnings report for the third quarter of the fiscal year. It chronicled the company’s financial performance over that period, showing that Amazon managed to beat both revenue and earnings expectations for the quarter.

Amazon’s Q3 2023 earnings report was shared in a press release today. The company made $143.1 billion against an expectation of $141 billion. The company also reported a gain of $0.94 per-share, comfortably beating the $0.58 estimate. Amazon CEO Andy Jassy provided a statement in the report.

The benefits of moving from a single national fulfillment network in the U.S. to eight distinct regions are exceeding our optimistic expectations, and perhaps most importantly, putting us on pace to deliver the fastest delivery speeds for Prime customers in our 29-year history. The AWS team continues to innovate and deliver at a rapid clip, particularly in generative AI, where the combination of our custom AI chips, Amazon Bedrock being the easiest and most flexible way to build and deploy generative AI applications, and our coding companion (CodeWhisperer) allowing enterprises to have the equivalent of an experienced engineer who understands all of their proprietary code is driving momentum with customers, including adidas, Booking.com, GoDaddy, LexisNexis, Merck, Royal Philips, and United Airlines, all of whom are starting to run generative AI workloads on AWS. Between AWS re:Invent and our 29th holiday shopping season, this is a particularly action-packed time of year at Amazon and we’re excited for what’s to come.

The report also included an interesting tidbit about Amazon’s investment in Rivian, an EV manufacturer. “Third quarter 2023 net income includes a pre-tax valuation gain of $1.2 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation gain of $1.1 billion from the investment in third quarter 2022.”

The report also provided some insight into the performance of Amazon Web Services during Q3 2023. For more market news as it relates to technology, stay with us here on Shacknews.