Amazon (AMZN) Q1 2024 earnings results beat EPS and revenue expectations

Amazon (AMZN) has released its earnings report for Q1 2024, detailing its financial performance over the past few months. It’s a beat in terms of both revenue and EPS expectations for the retail giant.

Amazon announced its Q1 2024 earnings report was published at the close of markets today. Amazon took home $143.3 billion in revenue against an expectation of $142 billion. The company’s earnings-per-share was $0.98, which beat the $0.83 Wall Street expectation. Amazon CEO Andy Jassy provided a statement on the quarter in the report.

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It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results. The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS’s AI capabilities is reaccelerating AWS’s growth rate (now at a $100 billion annual revenue run rate); our Stores business continues to expand selection, provide everyday low prices, and accelerate delivery speed (setting another record on speed for Prime customers in Q1) while lowering our cost to serve; and, our Advertising efforts continue to benefit from the growth of our Stores and Prime Video businesses. It’s very early days in all of our businesses and we remain excited by how much more we can make customers’ lives better and easier moving forward.

Amazon Web Services was a huge contributor to Amazon’s latest quarter, accounting for $25 billion in sales. For more financial news as it relates to the technology industry, stay right here on Shacknews.