After a rough week of Q4 reports, Amazon's numbers showed major growth. Sales grew by 9.4% putting the value at $137.4 billion. Though this is short of the predicted value of $137.6 billion, Amazon has definitely shown progress in their advertising sector.
Amazon released an official revenue report for its advertising business for the first time. The advertising service has grown by 32% year over year. This values the service at $31.2 billion. This news brings Amazon third in the line of tech giants. Amazon now sits right behind Google and Facebook, whose ad revenues are $61.2 billion and $32.6 billion.
Rivian, Amazon's investment in the EV space has also seen some major profits as well. This is majorly due to its IPO last year. Annual Prime membership prices rose to $139 from its previous value of $119. Monthly Prime membership prices will increase as well from $14.99 to $12.99. The price change will come into effect starting March 25th for existing members and Feb. 18th for new members. This might point towards higher profits in the future.
The most impressive numbers come from Amazon Web Services. Its revenue increased by almost 40%, which is much higher than analysts had predicted. After the announcement, stocks shot up by almost 14% last week. This comes as stark contrast to Meta's dip of $232 billion the day after their Q4 earnings report.
Amazon has grown in size as well. They've nearly doubled their workforce from 1.6 million, compared to its earlier 800,000 in 2020. There are still tensions among their warehouse workers who will be taking a vote on whether or not to unionize. This will be second time, after a failed attempt to form a union last year.
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