Delhi: Amazon’s Q1 (concluded on March 31, 2024) financial results, highlighted growth in advertising revenue, which witnessed a 24% increase from the corresponding period in Q1 2023.
Amazon's earnings reached $11.824 billion in the first quarter, significantly up from $9,509 billion recorded a year ago. This boost was attributed to factors, including the introduction of unskippable ads on its Prime Video streaming service, a move that has attracted marketers, said Andy Jassy, Amazon President and CEO.
"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,” stated Jassy.
Amazon reported a 13% increase in net sales, totaling $143.3 billion in the first quarter, compared to $127.4 billion in the same period last year.
Net income also saw a significant uptick, rising to $10.4 billion, or $0.98 per diluted share, from $3.2 billion, or $0.31 per diluted share, in the first quarter of 2023.
Looking ahead, the company expects revenue of $144.0 billion to $149.0 billion for the current quarter ending June, compared with analyst consensus expectations of $150.07 billion, according to LSEG data.
Jassy added, “The combination of companies renewing their infrastructure modernisation efforts and the appeal of AWS’s AI capabilities is reaccelerating AWS’s growth rate which is 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."
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