[Amazon results] Strong growth and profitability in 2023, thanks to a rebalanced business model

After a sharp post-Covid-19 slowdown, Amazon is recovering. In 2023, sales rose by 11.8% in one year, representing US$60.8 billion in additional revenue. After reorganising logistics business and laying off large numbers of staff, the operating profit more than tripled. Net margin now stands at 5.3% of sales.

Through Sophie Baqué, Mélodie Lontjens. Published on 20 February 2024 à 11h00 - Update on 20 February 2024 à 14h42

On February 2, 2024, Amazon published the 2023 financial results and reassured the financial markets. Despite suffering a slump a year ago, business recovered in 2023, despite the onslaught of new competition from Chinese players (Temu, Shein and TikTok Shop).

In 2023, Amazon generated net sales of US$574.8 billion, up by 12% at constant exchange rates. A year ago, sales reached US$514 billion. Revenue growth was slightly lower than in 2022, when it rose by 13%. As a reminder, in 2021, Amazon’s sales grew by 22% in the context of a post-Covid-19 peak.

Online sales, Amazon’s traditional business, still account for the largest share of the Group’s revenue, but continue to decline. They generated 40.3% of the total business,…