Summary
Amazon.com, Inc. (AMZN) reported robust financial performance for the second quarter and first half of 2024, demonstrating significant growth across key segments. Total net sales rose by 10% year-over-year in Q2 2024, reaching $147.98 billion, and increased by 11% for the first half to $291.29 billion. This growth was driven by strong performance in North America, a turnaround in the International segment to profitability, and continued impressive expansion in Amazon Web Services (AWS). Profitability saw a substantial improvement, with operating income more than doubling year-over-year in Q2 2024 to $14.67 billion and increasing by over 140% for the first half to $29.98 billion. This enhanced profitability is attributed to increased sales across segments, improved operational efficiencies, and a favorable impact from a change in the estimated useful lives of servers, partially offset by investments in technology infrastructure. The company's financial position remains strong, with substantial cash and marketable securities, and continued positive operating cash flow generation.
Financial Highlights
51 data points| Revenue | $147.98B |
| Cost of Revenue | $73.78B |
| Gross Profit | $74.19B |
| Operating Expenses | $133.31B |
| Operating Income | $14.67B |
| Net Income | $13.48B |
| EPS (Basic) | $1.29 |
| EPS (Diluted) | $1.26 |
| Shares Outstanding (Basic) | 10.45B |
| Shares Outstanding (Diluted) | 10.71B |
Key Highlights
- 1Total net sales increased by 10% to $147.98 billion in Q2 2024 and by 11% to $291.29 billion for the first six months of 2024, year-over-year.
- 2Operating income surged by 91% to $14.67 billion in Q2 2024 and by 141% to $29.98 billion for the first six months of 2024, year-over-year.
- 3AWS demonstrated robust growth, with net sales up 19% to $26.28 billion in Q2 2024 and 18% to $51.32 billion for the first six months of 2024.
- 4The International segment returned to profitability, reporting an operating income of $273 million in Q2 2024, a significant improvement from a $895 million loss in the prior year.
- 5Free cash flow significantly improved, reaching $52.97 billion for the twelve months ended June 30, 2024, compared to $7.88 billion for the prior year period.
- 6Net income more than doubled in Q2 2024 to $13.49 billion, or $1.26 per diluted share, compared to $6.75 billion, or $0.65 per diluted share, in Q2 2023.
- 7The company updated its Q3 2024 guidance, expecting net sales between $154.0 billion and $158.5 billion (8-11% growth) and operating income between $11.5 billion and $15.0 billion.