Amazon's Q1 Earnings Soar with AWS and AI Push, Sales Hit $143.3B
May 3, 2024Amazon.com Inc. reported a significant 12% increase in sales, reaching $143.3 billion in the first quarter.
The company's operating income showed an impressive surge, up 221% to $15.3 billion.
Earnings per share exceeded expectations, coming in at $1.13 and surpassing estimates by 36%.
AWS, Amazon's cloud computing segment, generated $25 billion in sales, indicating strong demand for AI services.
Despite e-commerce growth concerns, Amazon is investing heavily, with $150 billion allocated to enhance cloud and AI capabilities.
Amazon's forward-thinking technology and strategic investments are key factors in its sustained performance and investor confidence.
Summary based on 35 sources
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Sources
Yahoo Finance • May 1, 2024
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