Stock prices of Amazon surged by approximately 7% on Friday, following the e-commerce giant’s announcement of quarterly revenues exceeding expectations, hinting at significant success in its cloud services enhanced with artificial intelligence technologies.
Total sales saw a rise in the last quarter of 2023 by 14% annually, reaching around 170 billion dollars. Annual sales increased by 12%, with revenues reaching 575 billion dollars in 2023 compared to 514 billion dollars in the previous year, 2022.
The North American market accounted for the largest share of returns in the last quarter, with a 13% annual increase reaching 105 billion dollars, while global sales witnessed accelerated growth.
Global sales increased by 17% annually, totaling 40 billion dollars, while Amazon Web Services cloud computing services grew by 13% to a total of 24 billion dollars.
Amazon has joined tech giants in heavily investing in artificial intelligence, planning to boost its budget in the upcoming year 2024 to enhance and develop related technologies.
Amazon’s AWS cloud computing platform has made significant progress in the field of creative artificial intelligence, with expectations of further growth acceleration in this sector in the coming year.
Amazon witnessed a 14% increase in sales during the last quarter of 2023, reflecting high spending levels despite challenges faced in the retail sector during the pandemic.
The company’s stocks are currently trading at 171 dollars, buoyed by positive revenue expectations. It is expected that the company will increase its market value by 120 billion dollars if it continues to achieve gains.
Despite the substantial funds spent on building cloud computing infrastructure, investors remain optimistic about Amazon’s future prospects and its increasing reliance on advanced technologies like creative artificial intelligence.
