Amazon Q3 2023 Earnings Update

Summary:

  • 3P revenue grew by almost +20%, ads +25%, subscription mid-teen, and 1P MSD+.
  • While 12% AWS YoY growth doesn’t sound exciting, QoQ incremental revenue in 3Q’23 was the highest in the last five quarters.
  • Amazon’s cost structure is starting to show some sign of efficiency.

Exterior view of the Amazon Logistics delivery agency in Velizy-Villacoublay, France

HJBC

Imagine opening Amazon’s (NASDAQ:AMZN) 3Q’23 earnings report 5 years from now and what do you think you might hope you paid more attention to? It’s very unlikely to be AWS topline growth rate this (or any) quarter. If I have to



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