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Amazon’s second-quarter revenue of $134.4bn up 11% on YOY turnaround

Amazon today released the second quarter of 2023 financial results as of the end of June. According to the report, Amazon’s second-quarter net sales were $134.4 billion (currently about RMB 964.992 billion), an increase of 11% compared with $121.2 billion in the same period a year earlier. Net profit was $6.750 billion (currently about RMB 48.465 billion), compared with a net loss of $2.028 billion a year earlier.

By comparison, 37 analysts on average expected Amazon’s second-quarter revenue to reach $131.5 billion. The results showed that Amazon’s second-quarter revenue was $134.4 billion, higher than analysts expected.

On average, 36 analysts expected Amazon to report second-quarter earnings of $0.35 per diluted share. The earnings report showed that Amazon reported second-quarter diluted earnings per share of $0.65, beating analysts’ expectations.

Amazon

Second-quarter results:

Net sales were $134.4 billion, an increase of 11% compared to $121.2 billion in the year-ago quarter. Excluding a $3.0 billion negative impact from currency exchange rate changes, Amazon’s second-quarter net sales increased 11% compared to the same period in the prior year.

By geography, Amazon’s North America segment (U.S., Canada) reported second-quarter net sales of $82.5 billion, an increase of 11% compared to the same period last year. Amazon’s International segment (U.K., Germany, France, Japan and China) reported second-quarter net sales of $29.7 billion, an increase of 10 percent from the prior year period.

By service and business type, second-quarter net sales from the online shop were $52.996 billion, up 4% from $50.855 billion in the same period a year ago. Excluding the impact of currency translation, the increase was 5 percent.

Net sales from brick-and-mortar shops were $5,024 million, an increase of 6% compared to $4,721 million in the prior year period, and an increase of 7% excluding the impact of currency translation.

Net sales from third-party seller services increased 18% to $32,332 million, compared with $27,376 million in the prior year period. Excluding the impact of currency translation, the increase was 18%.

Net sales from subscription services were $9,894 million, an increase of 14% compared with $8,716 million in the prior year period. Excluding the impact of currency translation, the increase was 14%.

Net sales from advertising services were $10,683 million, an increase of 22% compared with $8,757 million in the prior year period. Excluding the impact of foreign exchange rate changes, the year-over-year increase was 22%.

Net sales of Amazon AWS cloud services were $22,140 million, an increase of 12% compared with $19,739 million in the prior year period. Excluding the impact of foreign exchange rate changes, the year-over-year increase was 12%.

Net sales from other businesses were $1,344 million, an increase of 26% compared to $1,070 million in the prior year period, and an increase of 26% excluding the impact of foreign exchange rate changes.

Total operating expenses were $126,702 million, compared with $117,917 million in the prior year period.

Of this, the cost of sales was $69,373 million, compared to $66,424 million in the same period last year.

Compliance expenses were $21,305 million compared to $20,342 million in the same period last year.

Technology and infrastructure expenses were $21,931 million compared to $18,072 million in the same period last year.

Sales and marketing expenses were $10,745 million compared to $10,086 million in the same period last year.

General and administrative expenses were $3,202 million, compared with $2,903 million in the same period last year.

Operating profit was $7,681 million, compared to $3,317 million in the same period last year.

Of this, Amazon’s North America segment reported an operating profit of $3.2 billion, compared to an operating loss of $0.6 billion in the year-ago period. Amazon’s International segment reported an operating loss of $0.9 billion, compared to an operating loss of $1.8 billion in the same period a year ago.AWS Cloud Services reported an operating profit of $5.4 billion, compared to an operating profit of $5.7 billion in the same period a year ago.

Net income was $6,750 million, compared to a net loss of $2,028 million in the year-ago quarter.

Amazon’s second-quarter net income included a $200 million pre-tax valuation gain (included in non-operating expenses resulting from its investment in Rivian Automotive common stock), compared to a $3.9 billion pre-tax valuation loss on this investment in the same period a year earlier.

Diluted earnings per share were $0.65 compared to a diluted loss per share of $0.20 in the prior year period.
Cash Flow

For the 12 months ended 30 June 2023, Amazon’s operating cash flow was US$61.8 billion (currently approximately RMB443,724 million), an increase of 74% compared to the same period in the prior year.

For the 12 months ending 30 June 2023, Amazon’s free cash flow was an inflow of $7.9 billion. For the 12 months ended 30 June 2022, Amazon’s free cash flow was an outflow of US$23.5 billion.
Performance Outlook:

Amazon expects net sales for the third quarter of 2023 to be $138 billion to $143 billion (currently approximately RMB990.84 billion to RMB1.03 trillion), an increase of 9% to 13% year over year.

Operating profit will be $5.5 billion to $8.5 billion, compared with an operating profit of $2.5 billion in the year-ago quarter.

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Threza Gabriel
Threza Gabrielhttps://www.techgoing.com
Threza Gabriel is a news writer at TechGoing. TechGoing is a global tech media to brings you the latest technology stories, including smartphones, electric vehicles, smart home devices, gaming, wearable gadgets, and all tech trending.

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