Q2 24 EPS
$1.26
BEAT +22.33%
Est. $1.03
Q2 24 Revenue
$147.98B
MISS 0.39%
Est. $148.56B
vs S&P Since Q2 24
+21.3%
BEATING MARKET
AMZN +56.5% vs S&P +35.2%
Market Reaction
Did AMZN Beat Earnings? Q2 2024 Results
Amazon delivered a standout second quarter, posting earnings per diluted share of $1.26, well ahead of the $1.03 consensus estimate for a 22.33% beat, even as revenue of $147.98 billion edged just below the $148.56 billion Wall Street expected despit… Read more Amazon delivered a standout second quarter, posting earnings per diluted share of $1.26, well ahead of the $1.03 consensus estimate for a 22.33% beat, even as revenue of $147.98 billion edged just below the $148.56 billion Wall Street expected despite climbing 10.1% year-over-year. The clearest engine behind the profit surge was Amazon Web Services, which reaccelerated to 19% year-over-year growth, generating $26.28 billion in revenue and a 35.5% operating margin, up sharply from 24.2% a year ago, as demand for generative AI infrastructure drove both volume and pricing power. Operating income nearly doubled to $14.67 billion, lifting overall operating margin to 9.9% from 5.7% in the year-ago period, while net income reached $13.48 billion. With observers noting Amazon's forward valuation has become increasingly competitive relative to other large-cap peers, the company enters Q3 2024 guiding for net sales of $154.00 billion to $158.50 billion and operating income of $11.50 billion to $15.00 billion, signaling continued confidence in its trajectory even as foreign exchange presents a modest headwind.
Key Takeaways
- • AWS growth reaccelerated to 19% YoY driven by cloud migration and generative AI demand
- • Operating margin expanded to 9.9% from 5.7% YoY reflecting cost efficiency improvements
- • Advertising services grew 20% YoY to $12.8 billion
- • Third-party seller services grew 12% to $36.2 billion
- • International segment swung to operating profit of $273 million from a $895 million loss
- • Trailing twelve-month operating cash flow surged 75% to $108 billion
AMZN YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
AMZN Revenue by Segment
With YoY comparisons, source: SEC Filings
AMZN Revenue by Geography
With YoY comparisons, source: SEC Filings
“We're continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in AWS growth. As companies continue to modernize their infrastructure and move to the cloud, while also leveraging new Generative AI opportunities, AWS continues to be customers' top choice as we have much broader functionality, superior security and operational performance, a larger partner ecosystem, and AI capabilities like SageMaker for model builders, Bedrock for those leveraging frontier models, Trainium for those where the cost of compute for training and inference matters, and Q for those wanting the most capable GenAI assistant for not just coding, but also software development and business integration.”
— Andy Jassy, Q2 2024 Earnings Press Release
AMZN Earnings Trends
AMZN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AMZN EPS Trend
Earnings per share: estimate vs actual
AMZN Revenue Trend
Quarterly revenue: estimate vs actual
AMZN Quarterly Results
11 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.73 | $2.78 | +60.69% | $181.52B | — |
| Q4 25 BEAT FY | $1.95 | $1.95 | +0.00% | $213.39B | — |
| FY Full Year | — | $7.17 | — | $716.92B | — |
| Q3 25 BEAT | $1.54 | $1.95 | +26.62% | $180.17B | — |
| Q2 25 BEAT | $1.33 | $1.68 | +26.32% | $167.70B | — |
| Q1 25 BEAT | $1.36 | $1.59 | +16.91% | $155.67B | — |
| Q4 24 BEAT FY | $1.48 | $1.86 | +25.36% | $187.79B | — |
| FY Full Year | — | $5.53 | — | $637.96B | — |
| Q3 24 BEAT | $1.14 | $1.43 | +25.44% | $158.88B | — |
| Q2 24 BEAT | $1.03 | $1.26 | +22.33% | $147.98B | -0.39% |
| Q1 24 BEAT | $0.83 | $0.98 | +18.07% | $143.31B | +0.57% |
| Q4 23 BEAT FY | $0.80 | $1.00 | +25.00% | $169.96B | +2.25% |
| FY Full Year | — | $2.90 | — | $574.79B | — |
| Q3 23 BEAT | $0.55 | $0.94 | +70.91% | $143.08B | +7.26% |