Amazon Q1 2024 Profit Triples to $10.4 Billion on Strong Cloud, Ads, and Retail Performance

Amazon reported strong financial results for the first quarter of 2024, with revenue growing 12.5% to $143.3 billion and profit more than tripling to $10.4 billion. The company's cloud computing business, Amazon Web Services (AWS), was a key driver of growth, with sales up 17% to $25 billion and operating income growing 84% to $9.4 billion.

Amazon CEO Andy Jassy attributed the strong performance to improvements in the customer experience across the business. "It was a good start to the year across the business," Jassy said.

Why this matters: Amazon's Q1 2024 results demonstrate the company's continued dominance in e-commerce, cloud computing, and advertising. The strong performance across multiple business segments highlights Amazon's ability to innovate and adapt to changing consumer demands.

Looking ahead, Amazon provided financial guidance for the second quarter of 2024, forecasting sales between $144 billion and $149 billion and operating income between $10 billion and $14 billion.

Amazon's headcount grew 4% year-over-year to 1.52 million employees in the first quarter. The company's share price rose more than 3% in after-hours trading following the release of the positive financial results.

Key Takeaways

• Amazon reported strong Q1 2024 results: revenue up 12.5%, profit up over 300%.
• AWS drove growth, with sales up 17% and operating income up 84%.
• Amazon's advertising business saw 24% year-over-year revenue increase.
• Amazon provided Q2 2024 guidance: sales $144-$149B, operating income $10-$14B.
• Amazon's headcount grew 4% to 1.52 million employees in Q1 2024.