2/2, 10:02 PM (Source: TeleTrader)
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Amazon's net income plunges to $278M in Q4 Inc. said on Thursday its net sales for the fourth quarter of 2022 landed at $149.2 billion, surging 9% compared to the same period a year earlier. Net income plummeted from $14.3 billion in the fourth quarter of 2021 to $278 million this year and diluted earnings per share slid to $0.03. Operating income tumbled 23% to $2.7 billion in the fourth trimester of 2022.

For the full-year 2022, the e-commerce giant's net sales claimed 9% to $514 billion, while net loss stood at $2.7 billion, or $0.27 per share.

"We're ... encouraged by the continued progress we're making in reducing our cost to serve in the operations part of our Stores business. In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon," CEO Andy Jassy stated.

Amazon shares slid 3.30% on disappointing bottom-line results.

Baha Breaking News (BBN) / NP