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Amazon (AMZN) Fourth-Quarter 2015 Results: Earnings Disappoint as Heavy Spending Continues

Executive Summary

  • Amazon reported EPS of $1.00 for the fourth quarter of 2015, well below the consensus estimate of $1.55. Higher fulfillment expenses and technology and content expenses weighed on profits.
  • Revenues came in slightly below expectations, at $35.7 billion, an increase of 22% versus the year-ago period, and were led by Amazon Web Services sales, which were up 69%.
  • In 2015, worldwide Prime memberships increased by 51%. They increased by 47% in the US and even faster internationally.
  • For the first quarter of 2016, management expects total sales of $26.5–$29.0 billion, representing growth of 17%–28%, versus consensus of $27.68 billion. Operating income is expected to be between $100 million and $700 million versus consensus of $665.3 million.

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