Amazon posts profit in Q3

Print Friendly, PDF & Email

SEATTLE — Amazon reported that its net sales increased 15% to $127.1 billion in the third quarter, compared with $110.8 billion in the third quarter of 2021. Excluding the $5.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased by 19% compared with last year’s third quarter.

Net income decreased to $2.9 billion in the third quarter, or 28 cents per diluted share, compared with $3.2 billion, or 31 cents per diluted share, in the third quarter of 2021. But the quarter marked a return to profitability for Amazon after two quarters of losses. Amazon noted that its third quarter 2022 net income includes a pretax valuation gain of $1.1 billion included in nonoperating income from the common stock investment in Rivian Automotive Inc., an electric vehicle maker.

“In the past four months, employees across our consumer businesses have worked relentlessly to put together compelling Prime Member Deal Events with our eighth annual Prime Day and the brand new Prime Early Access Sale in early October,” Amazon chief executive officer Andy Jassy said.

“The customer response to both events was quite positive, and it’s clear that particularly during these uncertain economic times, customers appreciate Amazon’s continued focus on value and convenience. We’re also encouraged by the steady progress we’re making on lowering costs in our stores fulfillment network, and have a set of initiatives that we’re methodically working through that we believe will yield a stronger cost structure for the business moving forward. What won’t change is our maniacal focus on the customer experience, and we feel confident that we’re ready to deliver a great experience for customers this holiday shopping season.”



You must be logged in to post a comment Login