afaqs! news bureau

Amazon generates USD 14.7 billion in ad sales in Q4 FY23

The net sales estimate for the fourth quarter of 2023 was USD 166.21 billion.

E-commerce company Amazon's shares rose 5% after the market closed on February 1, 2024, propelled by stronger-than-expected fourth-quarter sales that surpassed analysts' forecasts. The company's robust performance was attributed to the growth in its cloud business and increased online spending during the holiday shopping season.

It reported USD 14.7 billion in ad sales, up 27% year over year, and $24.2 billion for AWS, an increase of 13%. The company mentioned it in latest earnings report.

According to the earnings report, it has introduced new advertising tools, including generative AI for lifestyle imagery, sponsored TV ads, 15 new advertising capabilities, and Publisher Cloud, to help brands connect with customers.

CEO Andy Jassy, said,"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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