Sales and income figures of Amazon for the last three months of 2017 are out.
The last quarter of 2017 turned out to be a much profitable period for Amazon after it reported net income of $1.9 billion for the fourth quarter.
4th Quarter Financial Report
In a press release on its website, the online retail giant said: “Net income was $1.9 billion in the fourth quarter compared with net income of $749 million in fourth quarter 2016.”
“The fourth quarter 2017 includes a provisional tax benefit for the impact of the U.S. Tax Cuts and Jobs Act of 2017 of approximately $789 million.”
As regards net sales, Amazon said it went up 38 percent to $60.5 billion in the fourth quarter, compared with $43.7 billion posted in the fourth quarter of 2016.
If the $1.1 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter is not included, Amazon said its net sales rose 36 percent compared with the Q4 of 2016.
Income for the past Year
For the entire 2017, Amazon said its net income was $3 billion, compared with net income of $2.4 billion in 2016.
Net sales went up 31 percent to $177.9 billion, compared with $136 billion in 2016, but if the $210 million favorable impact from year-over-year changes in foreign exchange rates throughout the year is excluded, net sales increased 31 percent compared with that of 2016.
Amazon’s profits have added billions to CEO Jeff Bezos’s net worth.
For the rest of the year, Bezos said there would be more focus on its digital assistant Alexa.
Bezos said: “Our 2017 projections for Alexa were very optimistic, and we far exceeded them. We don’t see positive surprises of this magnitude very often — expect us to double down.”
Amazon has reported its income and sales for the last quarter of 2017, exceeding Wall Street’s expectations.
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