Shares of <a href="https://www.thenationalnews.com/tags/amazon/" target="_blank">Amazon</a> dropped by 4 per cent in extended trade — erasing an earlier 7 per cent gain — after the e-commerce giant's <a href="https://www.businesswire.com/news/home/20230201005991/en/" target="_blank">reported earnings</a> on Thursday beat estimates. The retailer's revenue increased to $149.2 billion in the fourth quarter of 2022 compared with analysts' expectations of $145.2 billion, Refinitiv. Amazon credited a “record-breaking holiday season” with its net sales. The company said the five-day period from Thanksgiving until Cyber Monday generated more than $1 billion in the US. Amazon anticipates 2023 first-quarter revenue to be between $121 billion and $ 126 billion. Refinitive's analyst estimate expected the company's net sales to be $125.11 billion. The company also plans to cut more than <a href="https://www.thenationalnews.com/business/technology/2023/01/05/amazon-to-cut-more-than-18000-jobs-amid-uncertain-economy-ceo-andy-jassy-says/" target="_blank">18,000 jobs</a> this year, citing economic concerns. Amazon chief executive Andy Jassy said the company was “encouraged” by the progress it was making with its cost-cutting measures. And Amazon Web Services fell short of fourth-quarter estimates, increasing sales to $21.4 billion compared with $22 billIion. "In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon,” Mr Jassy said. <i>Reuters contributed to this report</i>