Amazon's advertising growth remained strong, with the addition of ads and Prime Video expected to allow continued investment in content. The company also launched Prime Video with Ads, requiring an extra $2.99 payment for those opting out. Amazon also released Rufus, an AI generative shopping tool that pulls up shopping catalogs based on vocal prompts.
Key takeaways:
- Amazon's Q4 earnings for 2023 hit $170 billion, a 14% increase from the previous year, largely due to a successful holiday shopping season.
- The company saw a 26% YoY increase in ad revenue and introduced Rufus, a conversational AI tool for smarter shopping.
- Despite massive layoffs in 2023, Amazon CFO Brian Olsavsky does not see 2024 as a 'year of efficiency type thing'.
- Amazon's advertising growth remained strong and the company recently rolled out Prime Video with Ads, requiring an additional $2.99 payment for those opting out.