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Amazon beats Q4 revenue estimates, but profits slump


AP Business Writer

NEW YORK (AP) — Amazon has reported worse-than-expected profits but its revenue beat expectations boosted by sales in its cloud-computing unit AWS. Amazon said it earned $300 million, or 3 cents per share, in the October-December quarter. Industry analysts were expecting the Seattle-based company to earn 17 cents a share. It said its profits were dented by a $2.3 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive. Shares in Inc. fell 4% in after-hours trading. The earnings report closes a rough 2022 for Amazon. The company’s stock lost nearly half of its value last year amid a broader sell-off of tech shares tied to rising inflation, interest rates and concerns about the wider economy.

Article Topic Follows: AP National Business

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