Amazon delivered a strong set of financial results in the fourth quarter, but saw its shares dip on lower-than-expected guidance for the first quarter.

The Seattle-based e-commerce and technology company said its revenue for the October-December period totaled $187.8 billion, a 10% jump compared to the same period in 2023. Profits came out to $20 billion while earnings per share reached $1.86, higher than the $1.49 that analysts surveyed by FactSet had anticipated.

Amazon is the world's largest cloud provider and, like Microsoft and Google, is furiously investing in building out its AI infrastructure capabilities to meet demand. In Q3, CEO Andy Jassy told shareholders the company planned to spend $75 billion on capital expenditures in 2024, and even more in 2025.