Amazon reported its Q1 2024 performance metrics with significant figures as follows.
Net sales increased by 13% from the same period last year to $143.313 billion dollars.
AWS revenue saw a 17% growth to $25.037 billion dollars, with an operating profit of $9.421 billion dollars.
Operating profit stood at $15.307 billion dollars, representing 10.7% of revenue and marking a two-digit percentage for Amazon for the first time, reflecting cost reduction efforts and recent workforce adjustments.
Net income amounted to $10.431 billion dollars.
Advertising business revenue, a high-growth segment for Amazon, reached $11.824 billion dollars in the quarter, up by 24%.
Brian Olsavsky, Amazon’s CFO, highlighted the robust growth of the advertising and AWS segments, attributing the increased profit margin to cost controls across the organization while maintaining revenue growth. Amazon continues to enhance cost efficiency, particularly in expanding its delivery network closer to customers.
Source: Amazon and CNBC
TLDR: Amazon’s Q1 2024 results show growth in net sales, AWS revenue, and advertising business, with a focus on cost control and enhancing delivery operations.
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