Shares of e-commerce giant Amazon (NASDAQ:AMZN) jumped in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $1, which beat analysts’ consensus estimate of $0.80 per share. Sales increased by 13.9% year-over-year, with revenue hitting $170 billion. This beat analysts’ expectations by $3.74 billion.
The various segments of the company witnessed notable growth over the past year. North America’s sales climbed to $105.5 billion, marking a 13% increase from the previous year. In the International segment, sales reached $40.2 billion, reflecting a year-over-year growth of 17%. Additionally, the AWS segment experienced a 13% increase in sales, which culminated to a total of $24.2 billion.
Looking forward, management now expects revenue and operating income for Q1 2024 to be in the ranges of $138 billion to $143.5 billion and $8 billion to $12 billion, respectively. For reference, analysts were expecting $142.17 billion in revenue.
Is Amazon a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMZN stock based on 37 Buys assigned in the past three months, as indicated by the graphic below. After a 41% rally in its share price over the past year, the average AMZN price target of $187.40 per share implies 17.36% upside potential.
