Amazon's Q2 2024 earnings report

Amazon Q1 EPS $0.98, Beats Forecast; Revenue $143.3B, AWS at $100B Run Rate

Apr 30, 2024, 08:16 PM

Amazon reported its Q1 2024 earnings, surpassing expectations with a net sales of $143.3 billion, a 13% increase year-over-year, and an EPS of $0.98, significantly above the expected $0.83 and up 167.7% YoY. AWS, Amazon's cloud division, contributed significantly with $25.04 billion in revenue, marking a 17% growth from the previous year. This performance has propelled AWS to a $100 billion annual revenue run rate for the first time. Additionally, Amazon's advertising revenue reached $11.8 billion, boosted by the integration of ads into Prime Video. The company's operating income also saw a substantial rise to $15.31 billion, compared to the $10.95 billion forecast. Looking ahead, Amazon projects Q2 net sales between $144 billion and $149 billion, and Q2 operating income between $10.0 billion and $14.0 billion.