For the first time in almost a decade, online retail platform Amazon reported a net loss of 2.7 billion U.S. dollars in 2022. After that, in 2023, the net income amounted to 30.4 billion U.S. dollars.
Amazon Web Services
Amazon does not rely on retailing alone to generate profits. Its cloud business, AWS, is the one segment raking in steady profits with a 22.84 billion U.S. dollar operating income in the most recently reported year. The annual revenue of the business segment came to 80 billion U.S. dollars in 2022. As of the first quarter of 2022, Amazon Web Services accounted for 33 percent of the global cloud infrastructure service market.
Amazon’s other businessesDue to the company’s financial resources, Amazon has the capability to invest in new products and markets, such as online and offline grocery sales. In June 2017, Amazon purchased grocery retailer Whole Foods Market for 13.7 billion U.S. dollars, the company’s most expensive acquisition by far. This acquisition was primarily a move to expand the company's online grocery business, one of the fastest growing online shopping trends in the United States.
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