In the third quarter, North America segment sales increased 20 per cent year-over-year to $78.8 billion. The international segment sales decreased 5 per cent year-over-year to $27.7 billion, but increased 12 per cent excluding changes in foreign exchange rates. AWS segment sales increased 27 per cent year-over-year to $20.5 billion, or increased 28 per cent excluding changes in foreign exchange rates.

The net sales of Amazon increased 15 per cent to $127.1 billion in the third quarter of fiscal 2022, compared with $110.8 billion in third quarter of fiscal 2021. Excluding the $5.0 billion unfavourable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 19 per cent compared with the third quarter of 2021.

Net income decreased to $2.9 billion in the third quarter, or $0.28 per diluted share, compared with $3.2 billion, or $0.31 per diluted share, in third quarter 2021. Net income includes a pre-tax valuation gain of $1.1 billion included in non-operating income from the common stock investment in Rivian Automotive, Inc.

“In the past four months, employees across our consumer businesses have worked relentlessly to put together compelling Prime Member Deal Events with our eighth annual Prime Day and the brand new Prime Early Access Sale in early October. The customer response to both events was quite positive, and it’s clear that particularly during these uncertain economic times, customers appreciate Amazon’s continued focus on value and convenience,” said Andy Jassy, Amazon CEO.

“We’re also encouraged by the steady progress we’re making on lowering costs in our stores fulfillment network, and have a set of initiatives that we’re methodically working through that we believe will yield a stronger cost structure for the business moving forward. There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets. What won’t change is our maniacal focus on the customer experience, and we feel confident that we’re ready to deliver a great experience for customers this holiday shopping season,” concluded Jassy.

Fibre2Fashion News Desk (RR)