Amazon reported $143.1 billion in net sales and $9.9 billion in net income for the third quarter of 2023, beating analyst expectations. Its shares rose in after-hours trading after the October 26 announcement, according to the Associated Press. The profit figure included a $1.2 billion pretax valuation gain on Amazon’s Rivian investment, so it does not represent only recurring operating performance.
What Amazon reported for Q3 2023
The quarter ended September 30, 2023. Amazon’s October 26 earnings release reported higher sales, operating income and net income than in the same quarter a year earlier.
| Measure | Q3 2023 | Q3 2022 | Year-over-year change |
|---|---|---|---|
| Net sales | $143.1 billion | $127.1 billion | Up 13%; up 11% excluding favorable foreign-exchange changes |
| Net income | $9.9 billion | $2.9 billion | Higher; Q3 2023 included a $1.2 billion pretax Rivian valuation gain |
| Diluted earnings per share | $0.94 | $0.28 | Higher |
| Operating income | $11.2 billion | $2.5 billion | Higher |
These are distinct measures: net sales are revenue; net income is profit after expenses; and operating income reflects profit from operations. The net income comparison also includes the Rivian-related valuation gain in Q3 2023.
Amazon’s Q3 2023 earnings release provides the consolidated results and the gain disclosure.
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Which businesses contributed to the quarter?
Amazon reported sales growth in each of its three segments. North America and International also had improved operating results compared with the year-earlier quarter; AWS operating income increased as well.
| Segment | Q3 2023 sales | Sales growth year over year | Operating-income context |
|---|---|---|---|
| North America | $87.9 billion | 11% | Operating results improved from Q3 2022 |
| International | $32.1 billion | 16% | Operating results improved from Q3 2022 |
| Amazon Web Services (AWS) | $23.1 billion | 12% | $7.0 billion, compared with $5.4 billion in Q3 2022 |
CEO Andy Jassy attributed the quarter’s performance in part to better cost to serve and delivery speed in Stores, stabilizing AWS growth and robust advertising growth. That was management’s explanation; Amazon did not provide a breakdown assigning a specific share of the earnings beat to each factor.
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Why did Amazon shares rise after the announcement?
The Associated Press reported that Amazon topped analysts’ expectations and that its shares rose in after-hours trading. That reaction followed the results, including sales growth and a substantial increase in operating income. The available contemporaneous report does not establish a precise consensus estimate or the exact percentage change in shares, so neither figure can be stated here.
An after-hours move is an immediate market reaction, not a measure of long-term performance. The Q3 2023 reaction does not establish how the stock performed later or predict what it will do next.
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The Associated Press’ October 26, 2023 report covered the earnings beat and after-hours response.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the profit figure does—and does not—show
Amazon’s $9.9 billion in Q3 2023 net income was far above the $2.9 billion reported a year earlier, but the comparison should be read alongside the $1.2 billion pretax valuation gain on its Rivian investment. The gain was included in net income; it should not be mistaken for revenue or operating income, or treated as proof that all of the profit increase came from recurring business activity.
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Amazon also reported trailing-twelve-month free cash flow of $21.4 billion, compared with an outflow of $19.7 billion for the prior-year period. Jassy described free cash flow and operating income as having risen significantly; his statement was management’s characterization of the results.
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