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Amazon

AMZN Q1 2024 Earnings

Reported Apr 30, 2024 at 4:10 PM ET · SEC Source

Q1 24 EPS

$0.98

BEAT +18.07%

Est. $0.83

Q1 24 Revenue

$143.31B

BEAT +0.57%

Est. $142.50B

vs S&P Since Q1 24

+7.4%

BEATING MARKET

AMZN +51.4% vs S&P +44.0%

Market Reaction

Did AMZN Beat Earnings? Q1 2024 Results

Amazon delivered a blowout first quarter, posting earnings of $0.98 per diluted share against a consensus estimate of $0.83, a beat of 18.07%, while revenue climbed 12.5% year-over-year to $143.31 billion, edging past the $142.50 billion Wall Street … Read more Amazon delivered a blowout first quarter, posting earnings of $0.98 per diluted share against a consensus estimate of $0.83, a beat of 18.07%, while revenue climbed 12.5% year-over-year to $143.31 billion, edging past the $142.50 billion Wall Street had expected. The headline story was a dramatic profitability turnaround, with operating income surging to $15.31 billion from $4.77 billion a year ago, fueled largely by Amazon Web Services, whose operating income nearly doubled to $9.42 billion as its margin expanded to 37.6% from 24.0%, driven by infrastructure modernization and accelerating AI workload adoption. AWS, now running at a $100.00 billion annual revenue rate, has become a focal point for investors as data center electricity demand from cloud giants continues to attract broader attention across the energy sector. North America and International segments also swung sharply toward profitability. Looking ahead, Amazon guided Q2 net sales of $144.00 billion to $149.00 billion and operating income of $10.00 billion to $14.00 billion, signaling confidence that its efficiency gains and AI investments will sustain momentum through mid-year.

Key Takeaways

  • • AWS growth reacceleration driven by infrastructure modernization renewals and AI capabilities demand
  • • AWS operating margin expanded to 37.6% from 24.0% YoY
  • • North America operating income grew from $898M to $4,983M driven by lower cost to serve
  • • International segment swung to $903M operating income from $1,247M loss YoY
  • • Advertising services grew 24% YoY benefiting from Stores and Prime Video growth
  • • Record Prime delivery speeds with over 2 billion same-or-next-day global units in Q1
  • • Third-party seller services grew 16% with seller unit mix at 61% of paid units
  • • Worldwide paid units grew 12% YoY
24/7 Wall St

AMZN YoY Financials

Q1 2024 vs Q1 2023, source: SEC Filings

24/7 Wall St

AMZN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 24 Q1 26
24/7 Wall St

AMZN Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 24 Q1 26

“It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results. The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS's AI capabilities is reaccelerating AWS's growth rate (now at a $100 billion annual revenue run rate); our Stores business continues to expand selection, provide everyday low prices, and accelerate delivery speed (setting another record on speed for Prime customers in Q1) while lowering our cost to serve; and, our Advertising efforts continue to benefit from the growth of our Stores and Prime Video businesses. It's very early days in all of our businesses and we remain excited by how much more we can make customers' lives better and easier moving forward.”

— Andy Jassy, Q1 2024 Earnings Press Release

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