Amazon reports record-breaking revenue and sales

Q1 2024 results surpass expectations, driven by strong growth in cloud and advertising

Key highlights:

• Revenue increased by 12.5% year-over-year to $143.3 billion
• Sales reached $52.89 billion, falling short of analyst estimates
• AWS revenue surged by 33.5% to $21.3 billion
• Advertising revenue jumped by 22.8% to $12.7 billion

Amazon has reported impressive financial results for the first quarter of 2024, with revenue and earnings exceeding expectations. The company's total revenue reached $143.3 billion, marking a 12.53% increase compared to the same period last year. However, its sales of $52.89 billion fell short of analyst estimates.

Despite the slight shortfall in sales, Amazon's performance was driven by strong growth in its cloud and advertising businesses. Amazon Web Services (AWS) revenue surged by 33.5% to $21.3 billion, while advertising revenue jumped by 22.8% to $12.7 billion. These segments continue to be key growth drivers for the company.