{"id":2717,"date":"2022-02-09T15:00:40","date_gmt":"2022-02-09T14:00:40","guid":{"rendered":"https:\/\/monocle.lu\/?p=2717"},"modified":"2022-05-03T15:39:09","modified_gmt":"2022-05-03T13:39:09","slug":"amazon-1-facebook-0","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2022\/02\/09\/amazon-1-facebook-0\/","title":{"rendered":"Amazon 1 &#8211; Facebook 0"},"content":{"rendered":"<p><span style=\"font-family: merriweather, georgia, times new roman, serif;\">At the end of this earnings season, Facebook went out on a stretcher (-25%), Amazon under the cheers (+15%).<\/span><\/p>\n<p><span style=\"font-family: merriweather, georgia, times new roman, serif;\">In value terms, this now gives $600bn for Facebook against $1640bn for Amazon. Almost three times more: we can't even put them in the same category!<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">\u00a0<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">However, here is the resume of each of our champions:<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">\u00a0<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">Amazon:<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">- Sales growth (4th quarter): +11%.<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">- Operating income: $3.5 Bn<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">- Return to shareholder (2021): $0<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">- Debt and off-balance sheet commitments: $310 Bn (Debt $50 Bn and off-balance sheet commitments $260 Bn)<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">\u00a0<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">Facebook :<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">- Sales growth (Q4): +21<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">- Operating income: $12.6 billion<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">- Return to shareholder (2021): $44bn (share buyback)<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">- Debt and off-balance sheet commitments: $20bn (off-balance sheet commitments only - no debt)<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">\u00a0<\/span><br \/>\n<strong><span style=\"font-family: merriweather, georgia, times new roman, serif;\">So Facebook is growing twice as fast, making four times as much money and has no debt. Maybe the market has got it wrong with these values...<\/span><\/strong><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">\u00a0<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">And especially, if you take a closer look, these results of Amazon are quite disturbing.<\/span><\/p>\n<p><span style=\"font-family: merriweather, georgia, times new roman, serif;\">Amazon has three segments: US e-commerce, international e-commerce and AWS (the cloud). Here's what it looks like for the fourth quarter of 2021:<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">1\/ US e-commerce: sales +9%; result: $200M loss<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">2\/ international e-commerce: sales -1%; result: loss of $1,600M<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">3\/ AWS: sales +40%; result: gain of $5,300M\u00a0<\/span><\/p>\n<p><span style=\"font-family: merriweather, georgia, times new roman, serif;\">So, as in the previous quarter, the business Amazon is known for - the one that delivers the toothbrush you ordered in 12 minutes by talking to Alexa - is losing money. And it's been happening for the past 20 years. Even with a worldwide pandemic (Jeff Bezos must have dreamed of it: all those stores with the curtain down...), still losses. Right.<\/span><\/p>\n<p><span style=\"font-family: merriweather, georgia, times new roman, serif;\">What's more annoying is this drop in international sales.  A year ago, Amazon had sold $37<strong>467<\/strong>\u00a0M worth of toothbrushes and bras internationally. Well this year, despite Black Friday, Cyber Friday and tutti quanti, they only made $37,<strong>272<\/strong>M in that same segment this quarter. Is this important? Yes, at Amazon it's important because they have always explained that the metric to follow at Amazon is the operating cash flow. Which until now has only gone up - as long as there is growth - because when you pay the toothbrush now, they pay the supplier in two months. But now, with growth evaporating, this is not the case: \"\u00a0<em>our operating cash flow is down 30% compared to 2020<\/em>\". Not good.<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">\u00a0<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">You will tell me, \"\u00a0<em>yes but Charles, look, AWS! +40% and it earns $5 billion in one quarter<\/em>\" . I agree. Impressive this growth of AWS. With such a growth, these servers must be running at full speed and therefore hot like French fries. But then in this case, what surprises me is to find this sentence in the press release: \"\u00a0<em>as of January 1st we will increase the life of our servers from 4 to 5 years. This accounting change will have a positive impact of $1 billion on our Q1 operating income<\/em>\". As the operating profit forecast for the first quarter of 2022 is $4 billion, the billion added by this slight change is not a straw.  And I'm even more surprised because Amazon has already done this three years ago, by increasing the duration from 3 to 4 years. So AWS, the more the business sputters, the less the servers wear out.  I'm puzzled by this...<\/span><\/p>\n<p>Well, if you thought the CEO was going to answer pointed questions on this topic during the call, how can I put this... no. Because in fact, the CEO wasn't there - he's never there, by the way - only the CFO was. But it doesn't matter because no analyst asked the question.<\/p>\n<p><span style=\"font-family: merriweather, georgia, times new roman, serif;\">That said, for the next quarter, Amazon is reporting growth of about 5%. That's less than inflation. Even with such elastic accounting rules, it's going to be fun this year 2022.\u00a0<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">\u00a0<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">Have a good week,<\/span><br \/>\n<span style=\"font-family: merriweather, georgia, times new roman, serif;\">Charles<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>A la fin de cette saison de r\u00e9sultats, Facebook est sortie sur une civi\u00e8re (-25%), Amazon sous les hourras (+15%). En valo, \u00e7a donne maintenant $600 Mds pour\u00a0Facebook&#8230;<\/p>","protected":false},"author":8,"featured_media":2748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monocle - Amazon 1 - Facebook 0<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - Amazon 1 - Facebook 0\" \/>\n<meta property=\"og:description\" content=\"A la fin de cette saison de r\u00e9sultats, Facebook est sortie sur une civi\u00e8re (-25%), Amazon sous les hourras (+15%). 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