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Gloucestershire Business News

Amazon profits triple following record-breaking holiday season

Amazon profits have soared as focus on 'customer experience improvements' pays off.

Profits skyrocketed to £28.92bn for the year to December 31, up from £9.56bn the previous year, Retail Gazette reported.

Sales jumped 12% to £450.6bn, up from £402.9bn the year before.

It comes as the online retail giant celebrated a "record-breaking holiday shopping season", which pushed its fourth quarter profits up from £2.12bn to £10.35bn.

The business highlighted its "record-breaking" Black Friday and Cyber Monday shopping event, which saw customers purchase more than 1bn billion products worldwide.

It also noted it delivered to its Prime members "the fastest speeds ever globally" in 2023.

Amazon CEO Andy Jassy said: "This Q4 was a record-breaking holiday shopping season and closed out a robust 2023 for Amazon.

"While we made meaningful revenue, operating income, and free cash flow progress, what we're most pleased with is the continued invention and customer experience improvements across our businesses.

"Our advertising services continue to improve and drive positive results; our newer businesses are progressing nicely, and along with our more established businesses, collectively making customers' lives easier and better every day.

"As we enter 2024, our teams are delivering at a rapid clip, and we have a lot in front of us to be excited about."

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