Amazon's official quarterly financial report

Amazon Q1 Earnings Surge on $100B AWS Revenue, 37.6% Margin

May 1, 2024, 12:20 AM

Amazon has reported robust first-quarter earnings, significantly driven by its cloud computing division, AWS, which achieved a $100 billion annual revenue run rate, marking a 17% year-over-year growth. This performance is highlighted by AWS's highest-ever margin of 37.6%. The earnings also reflect strong contributions from Amazon's advertising efforts and AI initiatives, which are becoming increasingly central to its business strategy. Amazon's focus on AI, particularly within AWS, has led to generative AI revenues reaching a multi-billion dollar run rate. The company's overall financial health was buoyed by these factors, alongside a surge in cloud sales and strategic capital expenditures of $14B aimed at further boosting its technological infrastructure.