Summary
Amazon.com, Inc. reported a robust first quarter for 2024, demonstrating significant top-line growth and a substantial improvement in profitability. Total net sales increased by 13% year-over-year to $143.3 billion, driven by strong performance across all segments, with AWS and North America showing particularly strong sales growth of 17% and 12% respectively. The company also achieved a remarkable surge in operating income, which more than tripled to $15.3 billion from $4.8 billion in the prior year period. This profitability improvement was fueled by increased sales, operational efficiencies, and a favorable impact from changes in accounting estimates for server useful lives, leading to a significant reduction in depreciation and amortization. Cash flow generation was exceptionally strong, with operating cash flow increasing substantially. The company's strategic investments in technology infrastructure and fulfillment network continue, reflected in capital expenditures. Amazon's financial health remains solid, supported by substantial cash and marketable securities balances. The company provided optimistic guidance for the second quarter of 2024, expecting net sales growth between 7% and 11% and operating income between $10.0 billion and $14.0 billion, indicating continued confidence in its growth trajectory and operational execution.
Financial Highlights
53 data points| Revenue | $143.31B |
| Cost of Revenue | $72.63B |
| Gross Profit | $70.68B |
| Operating Expenses | $128.01B |
| Operating Income | $15.31B |
| Interest Expense | $644.00M |
| Net Income | $10.43B |
| EPS (Basic) | $1.00 |
| EPS (Diluted) | $0.98 |
| Shares Outstanding (Basic) | 10.39B |
| Shares Outstanding (Diluted) | 10.67B |
Key Highlights
- 1Total net sales increased 13% year-over-year to $143.3 billion.
- 2Operating income more than tripled to $15.3 billion, up from $4.8 billion in Q1 2023.
- 3AWS segment sales grew 17% year-over-year, reaching $25.0 billion.
- 4North America segment sales increased 12% year-over-year to $86.3 billion.
- 5Net income significantly improved to $10.4 billion, a substantial increase from $3.2 billion in Q1 2023.
- 6Operating cash flow for the trailing twelve months reached $99.1 billion, a significant increase from $54.3 billion in the prior year period.
- 7The company provided strong guidance for Q2 2024, anticipating net sales between $144.0 billion and $149.0 billion.