Amazon delivers results for the first quarter

May 1

Amazon announced its earnings for the first quarter of 2024 yesterday after the closing bell. The company reported net sales worth $143.3 billion, marking a 13% YoY increase, and net income of $10.4 billion, up 225% YoY. Operating income rose to $15.3 billion, representing a growth of 218% YoY, with the AWS segment contributing $9.4 billion to the figure and accounting for 62% of the total operating income. In addition, the company’s operating cash flow increased by 82% to $99.1 billion for the trailing twelve months, compared with $54.3 billion for the trailing twelve months ended by 31st March 2023. These results topped the estimates, and the company’s shares slightly soared in the aftermarket.

Net sales = $143.3 billion (13% YoY) vs. $127.4 billion in 1Q23
Net income = $10.4 billion (225% YoY) vs. $3.2 billion in 1Q23
Operating income = $15.3 billion (218% YoY) vs. $4.8 billion in 1Q23

Additional information:

• Amazon sales in North America rose by 12% YoY.
  
• International sales grew 9.6% YoY.
  
• Sales within the AWS segment increased by 17% YoY.
  
• Sales within Amazon’s advertisement unit grew by 24% YoY.
  

Forward guidance
Net sales for the second quarter of 2024 are expected to fall between $144 billion and $149 billion, representing a growth between 7% and 11% compared with the second quarter of 2023. Operating income is expected to be between $10 billion and $14 billion, compared with $7.7 billion in the second quarter of 2023.

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