Amazon Revenues Surge 13 Percent to $143.3 Billion

Amazon reported that it earned a net income of $10.4 billion on revenues of $143.3 billion in the quarter ending March 31, 2024. Those figures represent year-over-year (YOY) increases of 325 percent and 13 percent, respectively, and Amazon’s results exceeded expectations.

“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,” Amazon president and CEO Andy Jassy said. “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’s earnings reports are light on hard data and stuffed full of “highlights” about product releases. But here are a few pertinent data points.

Amazon’s overall revenues include a $2 billion non-operating loss related to its investment in Rivian, making this success even more impressive.

AWS revenue jumped 17 percent YOY to $25 billion, which is where that $100 billion annual run rate figure comes from.

Amazon’s advertising grew by 24 percent YOY, faster than its Stores and AWS businesses, to $11.8 billion. And subscription services grew by 11 percent to $10.7 billion.

Amazon’s online store business grew revenues by 7 percent to $54.7 billion, but revenues from third-party sellers grew 16 percent to $34.5 billion; Amazon collections commissions on those sales too.