Amazon on Thursday said revenue climbed 9% in the 4th quarter and the company reported a pre-tax gain of $11.8 billion from its investment in electric vehicle company Rivian.
The shares rose as much as 14% in extended trading. Still, Amazon forecast first-quarter sales below Wall Street between $112 billion and 117$ billion, or to grow between 3% and 8%.
The Q4 sales grew 9.4% to 137.4 billion, which is the first period single-digit growth since 2017. Amazon also broke out ad revenue for the first time, as the advertising services grew 32% year over year to $9.7 billion during the quarter.
“It had been the majority of other revenue, We’re very happy with ad growth. It continues to drive value.” - said Amazon CFO Brian Olsavsky.
Market Analysts are expecting about $120 billion, according to IBES data from Refinitiv.
