On April 30, 2024, Amazon.com, Inc. reported its financial results for the first quarter of 2024. The company saw a 13% increase in net sales to $143.3 billion compared to $127.4 billion in the first quarter of the previous year. This growth was consistent even after accounting for a $0.2 billion unfavorable impact from foreign exchange rate changes. Segment-wise, North America sales rose by 12% to $86.3 billion, International sales by 10% to $31.9 billion, and AWS sales by 17% to $25.0 billion. Operating income saw a significant increase to $15.3 billion, up from $4.8 billion in the same quarter of the previous year. Net income also rose to $10.4 billion, or $0.98 per diluted share, from $3.2 billion, or $0.31 per diluted share, in the first quarter of 2023. The first quarter of 2024 included a pre-tax...Show More

On April 30, 2024, Amazon.com, Inc. reported its financial results for the first quarter of 2024. The company saw a 13% increase in net sales to $143.3 billion compared to $127.4 billion in the first quarter of the previous year. This growth was consistent even after accounting for a $0.2 billion unfavorable impact from foreign exchange rate changes. Segment-wise, North America sales rose by 12% to $86.3 billion, International sales by 10% to $31.9 billion, and AWS sales by 17% to $25.0 billion. Operating income saw a significant increase to $15.3 billion, up from $4.8 billion in the same quarter of the previous year. Net income also rose to $10.4 billion, or $0.98 per diluted share, from $3.2 billion, or $0.31 per diluted share, in the first quarter of 2023. The first quarter of 2024 included a pre-tax valuation loss of $2.0 billion from the investment in Rivian Automotive, Inc. Operating cash flow surged by 82% to $99.1 billion for the trailing twelve months. Free cash flow improved to an inflow of $50.1 billion for the trailing twelve months. Amazon's CEO, Andy Jassy, highlighted the company's customer experience improvements and financial results, noting the growth of AWS and the expansion of the Stores and Advertising businesses. The company also announced a variety of customer-centric initiatives, including faster delivery for Prime members, expanded selection in Amazon's stores, new health care offerings, and the launch of a grocery subscription service. AWS continued to expand its infrastructure and announced new generative AI services. Amazon also reported on its commitment to employee well-being, community support, and environmental sustainability.