Amazon Q1 Earnings: Record-Breaking Results Driven by AWS Growth

Strong Financial Performance

Amazon (AMZN) has just reported strong financial results for the first quarter of 2024. The company's net sales for the quarter were $116.44 billion, an increase of 18% year-over-year. AMZN's net income for the quarter came in at $43.04 billion, a 22% rise compared to the same period last year.

Amazon also announced that its earnings per share for the full year ending in December are expected to be $414, a 42% increase year-over-year. The company's full-year revenue is projected to reach $576 billion.

AWS Growth Fuels Success

A major factor contributing to Amazon's success in the first quarter was the strong growth of its Amazon Web Services (AWS) cloud computing business. AWS revenue grew by 33% year-over-year to $19.74 billion for the quarter. This growth was primarily driven by increased demand for cloud computing and storage services.

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