People Think Amazon Is an E-Commerce Company, but 74% of Its Profit Comes From This Instead
Amazon (NASDAQ: AMZN) is a technology powerhouse. It was founded in 1994, and it amassed a $1.5 trillion valuation in the 30 years since.
The company originally sold books online, though its catalog has expanded to include an estimated 12 million products. In 2023, Amazon accounted for 37.6% of all e-commerce sales in America, which was light-years ahead of second-place Walmart at 6.3%.
But here's the thing. Online sales -- combined with all of its other businesses except one -- accounted for a minority of Amazon's operating income through the first three quarters of 2023 (ended Sept. 30). In 2022, they contributed no operating income at all.
Source Fool.com