Amazon's beat Wall Street's overall expectations with $187.8 billion in net sales, up 10%, and came in well ahead on the bottom line, with earnings of $1.86 per share, vs. expectations of $1.48 for the fourth quarter.

The company’s cloud computing business showed strong growth, while a forecast for the current quarter disappointed investors.

Amazon.com topped Wall Street estimates for quarterly revenue on Thursday, as strong sales over the holiday shopping season boosted its retail business, helping offset weakness in the cloud computing unit.

The Seattle-based e-commerce and technology company said its revenue for the October-December period totaled $187.8 billion, a 10% jump compared to the same period in 2023. Profits came out to $20 billion while earnings per share reached $1.86, higher than the $1.49 that analysts surveyed by FactSet had anticipated.

Amazon delivered a strong set of financial results in the fourth quarter, with revenue in the holiday span rising 10% from a year ago to $187.8 billion and earnings nearly doubling to $1.86. Shares in the tech giant slumped on the earnings news,