Amazon Q1 2024 Earnings Report
Key Takeaways
Amazon's Q1 2024 results showcased a significant increase in net sales, reaching $143.3 billion, a 13% increase compared to Q1 2023. Operating income also saw substantial growth, increasing to $15.3 billion. Net income rose to $10.4 billion, or $0.98 per diluted share.
Net sales increased by 13% to $143.3 billion, driven by growth in North America, International, and AWS segments.
Operating income significantly increased to $15.3 billion, compared to $4.8 billion in the first quarter of 2023.
AWS segment sales grew by 17% year-over-year, reaching $25.0 billion.
Net income increased to $10.4 billion, or $0.98 per diluted share, compared to $3.2 billion, or $0.31 per diluted share in Q1 2023.
Amazon
Amazon
Amazon Revenue by Segment
Forward Guidance
Amazon anticipates net sales between $144.0 billion and $149.0 billion, representing a growth of 7% to 11% compared to Q2 2023. Operating income is projected to be between $10.0 billion and $14.0 billion, compared to $7.7 billion in the second quarter of 2023.
Positive Outlook
- Net sales are expected to grow between 7% and 11% compared with second quarter 2023.
- Operating income is expected to be between $10.0 billion and $14.0 billion.
- Guidance reflects continued business momentum.
- Expects to see growth in key business segments.
- No additional business acquisitions, restructurings, or legal settlements are concluded.
Challenges Ahead
- Guidance anticipates an unfavorable impact of approximately 60 basis points from foreign exchange rates.
- Results may be materially affected by fluctuations in foreign exchange rates.
- Changes in global economic and geopolitical conditions and customer demand and spending.
- Inflation and interest rates.
- Regional labor market constraints, world events, and the rate of growth of the internet.
Revenue & Expenses
Visualization of income flow from segment revenue to net income