Amazon's Net Sales Growth Slows to Just 4.84% in Q3 2022

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Cindy Mutia Annur 28/10/2022 16:40 WIB

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The world's largest retail company, Amazon, reported net sales of US$127.1 billion in Q3 2022. This represents a growth of only 4.84% compared to the previous quarter (qoq).

Amazon Quarterly Net Sales (Q1 2012 - Q3 2022)

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Amazon Quarterly Net Sales (Q1 2012 - Q3 2022)

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The world's largest retail company, Amazon, reported net sales of US$127.1 billion in the third quarter of 2022. This figure represents a mere 4.84% growth compared to the previous quarter (quarter-to-quarter/qtq).

This achievement fell short of analysts' estimates of US$127.5 billion, according to financial data provider Refinitiv.

In detail, net sales from Amazon's services contributed the most, reaching US$67.76 billion or 53.31% of total net sales. Amazon's product net sales amounted to US$59.34 billion.

Amazon's Chief Financial Officer, Brian Olsavsky, stated that the company is preparing for slower economic growth. He cited tightening consumer spending, high inflation, and rising energy costs as contributing factors.

"We're preparing for what we can do in this slower growth period, like most companies," Olsavsky said, as quoted by Reuters on Friday (October 28).

Olsavsky mentioned that the company's operating expenses widened to US$2.5 billion in the third quarter of 2022, up from US$900 million in the same quarter of the previous year (year-on-year/yoy). This was partly due to increased fuel costs in Europe as a result of the war in Ukraine.

Nevertheless, the company remains optimistic about continued growth, albeit slower, in the following quarter. Amazon projects net sales of US$140 billion in the fourth quarter of 2022, representing a 2% year-on-year (yoy) increase.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Amazon's Net Sales Growth Slows to Just 4.84% in Q3 2022

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Amazon's Net Sales Growth Slows to Just 4.84% in Q3 2022

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