Amazon.com posts Q2 results
Amazon.com recently announced financial results for its second quarter ended June 30, 2024.
Amazon’s net sales increased 10% to $148 billion in the second quarter, compared with $134.4 billion in the prior year period. Excluding the $1 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with second quarter 2023.
The company’s North America segment sales increased 9% year-over-year to $90 billion.
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Amazon’s international segment sales increased 7% year-over-year to $31.7 billion, or increased 10% excluding changes in foreign exchange rates.
Amazon Web Services segment sales increased 19% year-over-year to $26.3 billion.
The retailer’s operating income increased to $14.7 billion in the second quarter, compared with $7.7 billion in the prior year period.
Amazon’s North America segment operating income was $5.1 billion, compared with operating income of $3.2 billion in the prior year period.
Amazon’s international segment operating income was $.3 billion, compared with an operating loss of $.9 billion in the second quarter 2023.
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Amazon Web Services segment operating income was $9.3 billion, compared with operating income of $5.4 billion in the second quarter 2023.
Net income increased to $13.5 billion in the second quarter, or $1.26 per diluted share, compared with $6.7 billion, or 65 cents per diluted share, in the second quarter 2023.
“We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in AWS growth,” said Andy Jassy, Amazon president and CEO. “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.”
Third Quarter 2024 Guidance:
Amazon expects net sales to be between $154 billion and $158.5 billion, or to grow between 8% and 11% compared with third quarter 2023. This guidance anticipates an unfavorable impact of approximately 90 basis points from foreign exchange rates.
The company expects operating income to be between $11.5 billion and $15 billion, compared with $11.2 billion in the third quarter 2023.