Amazon CEO Andy Jassy speaks during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center in New York City on Nov. 30, 2022.
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Amazon has dethroned Walmart in quarterly revenue for the first time ever.
Amazon said earlier this month that it brought in $187.8 billion in revenue during the fourth quarter. That beat out Walmart’s sales for the period, which came in at $180.5 billion, the company reported on Thursday.
Since 2012, Walmart has held the distinction of being the top revenue generator each quarter, a title it gained after overtaking oil giant Exxon Mobil.
Walmart still leads the way in annual sales, though Amazon is gaining ground. Walmart is projected to reel in $708.7 billion in the fiscal year ahead while Amazon’s full year revenue for 2025 is expected to reach $700.8 billion, according to FactSet.
Amazon’s core retail unit remains its biggest revenue generator, but its top line is also being fueled by its massive cloud computing, advertising and seller services businesses. Third-party seller services, which includes commissions and fees collected by Amazon on fulfillment and shipping, advertising and customer support, accounted for 24.5% of the company’s total sales last year. Amazon Web Services was responsible for nearly 17%.
Walmart has looked to its chief rival for ways to sustain sales growth. The company operates a third-party marketplace and offers sellers fulfillment services, although both businesses are a fraction of the size of Amazon’s. Walmart has also launched an advertising business and a loyalty program for shoppers, called Walmart+, that competes with Amazon Prime.
— CNBC’s Robert Hum contributed to this report.
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