Amazon’s revenue surged by 10% to $148.0bn in Q2 2024, propelled by North America.
- Operating income rose by 9% year on year to $14.7bn, driven primarily by North American sales.
- North America registered a 9% increase in sales, contributing significantly to Amazon’s growth.
- AWS net sales climbed by 19% year on year, reflecting strong cloud infrastructure demand.
- Amazon anticipates a promising Q3 2024 with forecasted net sales growth of 8% to 11%.
In the second quarter ending June 30, 2024, Amazon reported a robust 10% increase in revenue, reaching $148.0 billion. This growth was predominantly fueled by North American sales, which rose by 9% to $90.0 billion. This region’s strong performance significantly contributed to the overall financial gains of the e-commerce giant.
Operating income for Amazon also saw a year-on-year rise, growing by 9% to reach $14.7 billion. A notable surge was observed in the North American segment, with operating income soaring by 59% to $5.1 billion. These figures underscore the strategic importance of North America in Amazon’s business model.
Amazon Web Services (AWS) continued to assert its dominance in the cloud computing sector, registering a 19% increase in net sales, which amounted to $26.3 billion. The segment also experienced a 7% boost in operating income, reinforcing its position as a leader in providing comprehensive and secure cloud solutions.
Amazon’s CEO, Andy Jassy, highlighted the ongoing progress in AWS, particularly the adoption of generative AI as companies modernize their infrastructure and migrate to the cloud. According to him, “AWS continues to be customers’ top choice as we have much broader functionality, superior security and operational performance…”
Looking ahead to the third quarter of 2024, Amazon projects net sales to fall between $154.0 billion and $158.5 billion, indicating a year-on-year growth between 8% and 11%. This guidance includes an anticipated unfavorable impact of approximately 90 basis points from foreign exchange rates.
Amazon’s strategic initiatives and robust North American sales continue to drive its impressive financial performance.
