Amazon reported its second quarter results for 2024, with a net sales increase of 10% from the same period last year to $147.977 billion and a net income increase to $13.485 billion.
Investors are particularly interested in the revenue from two business segments, namely Amazon Web Services (AWS) which increased by 19% to $26.281 billion with a segment profit of $9.334 billion, and the advertising business which grew by 20% to $12.771 billion.
Following the financial report, Amazon’s CFO, Brian Olsavsky, highlighted the challenges faced in the past quarter, as customers showed interest in products with lower unit prices. This was especially evident with the emergence of platforms like Temu and Shein. Amazon has plans to launch an online store selling low-priced products from China at prices under $20.
Source: Amazon and CNBC
TLDR: Amazon’s Q2 2024 financial results show sales and profits growth, with focus on AWS and advertising segments. The company is adapting to customer trends for lower-priced products.
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