Amazon has crossed a major milestone, besting Walmart’s quarterly revenue for the first time, despite Walmart’s concerted effort to fend the e-commerce giant.
In early February, amazon posted $187.8 billion in quarterly revenue, up from the $170.0 billion in the year-ago quarter.
“The holiday shopping season was the most successful yet for Amazon and we appreciate the support of our customers, selling partners, and employees who helped make it so,” said Andy Jassy, President and CEO, Amazon. “When we look back on this quarter several years from now, I suspect what we’ll most remember is the remarkable innovation delivered across all of our businesses, none more so than in AWS where we introduced our new Trainium2 AI chip, our own foundation models in Amazon Nova, a plethora of new models and features in Amazon Bedrock that give customers flexibility and cost savings, liberating transformations in Amazon Q to migrate from old platforms, and the next edition of Amazon SageMaker to pull data, analytics, and AI together more concertedly. These benefits are often realized by customers (and the business) several months down the road, but these are substantial enablers in this emerging technology environment and we’re excited to see what customers build.”
Interestingly, Walmart earned $180.6 billion in revenue during its latest quarter, more than $7 billion less than Amazon.
“Our team finished the year with another quarter of strong results. We have momentum driven by our low prices, a growing assortment, and an eCommerce business driven by faster delivery times,” said Doug McMillon, President and CEO. “We’re gaining market share, our top line is healthy, and we’re in great shape with inventory. We’ll stay focused on growth, improving operating margins, and strengthening ROI as we invest to serve our customers and members even better.”
As CNBC points out, while Amazon beat Walmart in is their most recent quarterly results, Walmart still holds the crown for the most revenue per year. Amazon is clearly making significant headway, however, and may soon overtake Walmart in yearly revenue.
It should also be noted that Amazon’s revenue is driven by the entire company, including its highly profitable cloud division. In contrast, the vast majority of Walmart’s revenue comes from its retail business, meaning the comparison is not exactly apples to apples.
Nonetheless, the quarterly results are a major turn of events for the two companies.
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