Amazon has posted strong financial results for the first quarter of 2024, surpassing analysts’ expectations and demonstrating robust growth across key segments.
The company reported earnings of US$0.98 per diluted share, exceeding the average estimate of US$0.83 per share. Net sales for Q1 reached US$143.3 billion, a 13 percent increase year-over-year. Sales in North America accounted for the majority, totaling US$86.3 billion, while Amazon Web Services (AWS) experienced the highest growth at 17 percent, reaching US$25 billion.
According to Amazon President and CEO Andy Jassy, the accelerated growth in AWS can be attributed to companies investing in infrastructure modernization and the appeal of AWS’s AI capabilities. The company’s operating income also saw a significant increase, rising to US$15.3 billion, with AWS contributing US$9.4 billion, up 84 percent from the previous year.
Looking ahead to the second quarter, Amazon anticipates net sales between US$144 billion to US$149 billion and operating income between US$10 to US$14 billion. Despite falling slightly below analyst expectations, these forecasts reflect Amazon’s confidence in maintaining a strong financial performance.
Investors reacted positively to the news, with Amazon’s share price rising in after-hours trading. Overall, Amazon’s Q1 2024 results showcase the company’s resilience and growth potential, driven by strategic investments in technology and innovation.
For real-time updates on technology news, follow us @INN_Technology.
