Amazon: annual net income 2004-2022
Amazon Web ServicesAmazon does not rely on retailing alone to generate profits. Its cloud business, AWS, is the one segment raking in steady profits with a 18.53 billion U.S. dollar operating income in the most recently reported year. The annual revenue of the business segment came to 45.4 billion U.S. dollars in 2020. As of the third quarter 2021, Amazon Web Services accounted for 33 percent of the global cloud infrastructure service market.
Amazon’s other businesses Due to the company’s financial resources, Amazon has the capability to invest in new products and markets, such as online and offline grocery sales. In June 2017, Amazon purchased grocery retailer Whole Foods Market for 13.7 billion U.S. dollars, the company’s most expensive acquisition by far. This acquisition was primarily a move to expand the company's online grocery business, one of the fastest growing online shopping trends in the United States.