Shares of Amazon (AMZN) shot up 7.11% late post-market yesterday after the company released its long-awaited quarterly financial report yesterday. The e-commerce giant’s Q4 2023 earnings of $1.00 per share exceeded consensus estimates of $0.80.

Net income for Q4 2023 included a pre-tax valuation loss of $100 million from non-operating expenses from the still underperforming investments in Rivian Automotive, Inc.’s common stock, compared to a pre-tax valuation loss of $2.3 billion from the company’s investments in Q4 2022 – sort of improvement.

AMZN’s revenue came in at $170 billion (up 13.9% YoY), posting an increase of $3.74 billion. Amazon's outperformance over the reporting period and management's optimistic outlook for further growth and margin expansion in 2024 have bolstered confidence in the stock's upside potential.

The lineup was also bolstered by Amazon's recent e-commerce regionalization strategy, its growing portfolio of high-margin ad sales, and its expanding AI capabilities across Amazon Web Services (AWS), which are expected to improve throughout the year. That trend was supported by stronger-than-expected Q1 revenue guidance of $138 billion to $143.5 billion, beating consensus estimates of $142.2 billion.