Amazon reports revenue of $143.3 billion for the first quarter of 2024

The company also announced that its profits more than tripled to $10.4 billion, beating Wall Street expectations.

Amazon reported its highest first-quarter profit on Tuesday as it continued to improve the efficiency of its retail business and revive growth in its operations. cloud computing.

The company was also on track for the first time to reach $100 billion in annual cloud computing sales.

The company had revenue of $143.3 billion in the first three months of the year, up 13. percent from the previous year . Profit more than tripled, to $10.4 billion. The results exceeded analysts' expectations.

“It's been a good start to the year across the company, and you can see that both in improving our customer experience and in our financial results,” Andy Jassy, ​​Amazon CEO, said in a statement.

After one year During the same time that companies have cut back on technology spending, Amazon's lucrative cloud computing business has regained strength. Cloud computing sales increased 17 percent to $25 billion. Growth was the fastest in more than a year. Operating profit from this business increased 84% to $9.4 billion, accounting for the majority of the company's operating profit.

Amazon's stock price rose more than 3% after hours. Tuesday.

Amazon spent about $14 billion on capital expenditures and rentals during the quarter, a figure particularly driven by investments in cloud computing, said Brian Olsavsky, Amazon's chief financial officer. during a call with investors. This amount represents approximately $1 billion more than for the same period last year. He said Amazon plans to spend more as the year goes on, "primarily to serve generative AI." opportunities that we see.

We are having difficulty retrieving article content.

Please enable JavaScript in your browser settings .

We are having difficulty retrieving article content.

Please enable JavaScript in your browser settings. browser.

We are having difficulty retrieving article content.

Please enable JavaScript in the browser settings. your browser.

p>Thank you for your patience while we verify access. If you are in Reader mode, please exit and sign in to your Times account, or subscribe to the entire Times.

Thank you for your patience while we let's check access.

Already subscribed?