SEATTLE--(BUSINESS WIRE)-- Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its first quarter ended March 31, 2024.

Net sales increased 13% to $143.3 billion in the first quarter, compared with $127.4 billion in first quarter 2023. Excluding the $0.2 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 13% compared with first quarter 2023.
North America segment sales increased 12% year-over-year to $86.3 billion.
International segment sales increased 10% year-over-year to $31.9 billion, or increased 11% excluding changes in foreign exchange rates.
AWS segment sales increased 17% year-over-year to $25.0 billion.
Operating income increased to $15.3 billion in the first quarter, compared with $4.8 billion in first quarter 2023.
North America segment operating income was $5.0 billion, compared with operating income of $0.9 billion in first quarter 2023.
International segment operating income was $0.9 billion, compared with an operating loss of $1.2 billion in first quarter 2023.
AWS segment operating income was $9.4 billion, compared with operating income of $5.1 billion in first quarter 2023.
Net income increased to $10.4 billion in the first quarter, or $0.98 per diluted share, compared with $3.2 billion, or $0.31 per diluted share, in first quarter 2023.
First quarter 2024 net income includes a pre-tax valuation loss of $2.0 billion included in non-operating expense from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation loss of $0.5 billion from the investment in first quarter 2023.
Operating cash flow increased 82% to $99.1 billion for the trailing twelve months, compared with $54.3 billion for the trailing twelve months ended March 31, 2023.
Free cash flow improved to an inflow of $50.1 billion for the trailing twelve months, compared with an outflow of $3.3 billion for the trailing twelve months ended March 31, 2023.
Free cash flow less principal repayments of finance leases and financing obligations improved to an inflow of $46.1 billion for the trailing twelve months, compared with an outflow of $10.1 billion for the trailing twelve months ended March 31, 2023.
Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations improved to an inflow of $48.8 billion for the trailing twelve months, compared with an outflow of $4.5 billion for the trailing twelve months ended March 31, 2023.
“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,” said Andy Jassy, Amazon President and CEO. “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.”

Highlights

Obsessing over the customer experience

Amazon obsesses over how to make customers’ lives better and easier every day with new and improved products and services. This is true for consumers, sellers, brands, developers, enterprises, and creators. For example, Amazon:

Continued to delight customers with fast and convenient delivery. With more than 2 billion global units arriving the same or next day in Q1, Amazon delivered to Prime members at its fastest speeds ever. In March, across the top 60 largest U.S. metro areas, nearly 60% of Prime member orders arrived the same or next day, and in London, Tokyo, and Toronto, 3 out of 4 items were delivered the same or next day.
Expanded selection across the company’s stores with the launch of popular brands. In the U.S., this included Gen Z favorite Parade; luxury fashion and accessories from AREA and HBX Archives by Hypebeast; beauty brands Clinique, Keys Soulcare by Alicia Keys, and LOVED01 by John Legend; tech brands Oura Ring and Sonos speakers; and officially-licensed products from the National Women’s Soccer League. In Europe, Luxury Stores at Amazon announced a collaboration with Hardly Ever Worn It to offer customers pre-owned items from luxury brands.
Helped customers save with shopping events worldwide, including Amazon’s Spring Deal Days in Europe and the first Big Spring Sale in Canada and the U.S., where customers saved on a wide selection of items including fashion, outdoor furniture, lawn and garden essentials, and cleaning and organizing products. Amazon also held a Ramadan event in Egypt, Saudi Arabia, and the UAE, where customers shopped hundreds of thousands of deals on local and international brands. Amazon also announced it will hold its 10th Prime Day event in July.
Expanded the company’s health care offerings to provide customers in the U.S. more convenient access to medical care and medications, including adding Amazon Pharmacy home delivery of select Lilly diabetes, obesity, and migraine medications to LillyDirect patients; launching same-day delivery of prescription medications to Amazon Pharmacy customers in two new locations—greater Los Angeles and New York City—with plans to expand to more than a dozen cities by the end of year; and introducing Health Condition Programs, which makes it easier for customers to discover and enroll in digital health benefits for conditions like prediabetes, diabetes, and high blood pressure in Amazon’s U.S. store.
Launched a grocery subscription for unlimited delivery on orders over $35 from Whole Foods Market, Amazon Fresh, as well as local grocery and specialty retailers. The subscription benefit is available to Prime members in more than 3,500 towns and cities in the U.S., as well as customers using a registered Electronic Benefits Transfer card.
Announced that Buy with Prime is available for Salesforce Commerce Cloud merchants. By offering new features like the ability for shoppers to search and filter for Prime-eligible items, and the ability to purchase Prime-eligible and non-eligible items in the same order, Buy with Prime provides merchants using Salesforce Commerce Cloud more flexibility and functionality, while maintaining control over their stores’ look and feel.
Announced that Prime Video will stream its first NFL Wild Card playoff game in January 2025. Prime Video, which is home to Thursday Night Football, will have exclusive rights to air an opening round playoff game.
Earned 12 awards for Amazon MGM Studios film American Fiction, including nine for Best Adapted Screenplay by writer/director Cord Jefferson. These include an Academy Award, BAFTA Film Award, Critics Choice Award, two Independent Spirit Awards, and two Writers Guild of America Awards.
Grew Prime Video’s international slate of content with more than 30 local Amazon Originals, including Operación Triunfo (Spain), Prime Video’s first weekly live entertainment show, which was watched by more than 3.5 million unique viewers in Spain; Indian Police Force (India), which had the most viewers complete the entire first season for any Amazon India Original in its launch week; and Last One Laughing(Mexico) Season Six, which is the longest running edition of the hit global franchise.
Shared how customers and partners are using AWS generative artificial intelligence (generative AI) services to deliver new customer experiences, accelerate employee productivity, and transform operations.
Siemens is integrating Amazon Bedrock into its low-code development platform Mendix to allow thousands of companies across multiple industries to create and upgrade applications with the power of generative AI.
Philips is using AWS HealthImaging and Amazon Bedrock to scale digital pathology, helping labs and healthcare organizations improve diagnostics, increase productivity, accelerate research, and address complex medical cases, like cancer care.
Accenture and Anthropic are collaborating with AWS to help organizations—especially those in highly-regulated industries like healthcare, public sector, banking, and insurance—responsibly adopt and scale generative AI technology with Amazon Bedrock. This collaboration will help organizations like the District of Columbia Department of Health speed innovation, improve customer service, and improve productivity, while keeping data private and secure.
BT Group, a multinational communications company, provided Amazon Q Developer to 1,200 of its engineers, generating more than 100,000 lines of code in its first four months and automating approximately 12% of the repetitive and time-consuming work done by software engineers using the platform.
The Deutsche Fußball Liga (DFL) named AWS the Official Generative AI Provider of the DFL, and is using AI on AWS to generate metadata that allows the league, clubs, and media partners to more efficiently search for content in more than 210,000 hours of video footage.
Audi used Amazon SageMaker and Amazon OpenSearch Service to build a generative AI chatbot to improve its enterprise search experience and help employees find and navigate internal documentation, reducing search time from hours to a few seconds and improving productivity.
Konica Minolta Healthcare, a medical diagnostic imaging and healthcare information technology company, announced an enterprise imaging cloud platform using AWS HealthImaging to reduce image storage costs, enable access from almost anywhere, and accelerate data retrieval.
Dana-Farber Cancer Institute built a new research solution on Amazon Bedrock to help clinicians interpret complex lab results to help diagnose medical conditions, assess treatment efficacy, and determine next steps in clinical care.
Enterprise healthcare software provider symplr announced a generative AI solution that uses Amazon Bedrock and Amazon Q to connect and optimize hospital operations so clinicians and administrators can quickly access relevant data, simplifying staff scheduling and other administrative processes.
Choice Hotels became the first hotel company to migrate its entire system infrastructure to the cloud. The move to AWS is part of Choice Hotels’ long-term technology roadmap and adoption of AI, and involves decommissioning more than 3,700 servers, retiring over 300 applications, and migrating more than 250 applications.
Mobile network operator Tele2 launched an Internet of Things customer support solution, powered by Amazon Bedrock, to help agents provide faster and more detailed conversational responses to customers across multiple channels.
Vonage, a cloud communications provider, announced a new anti-fraud solution with AWS generative AI capabilities to enable businesses to better protect themselves from mobile fraud while improving customer experiences.
Genomics England, a human genome research organization, is using Amazon Bedrock to help researchers identify associations between genetic variants and medical conditions by quickly processing millions of pages of scientific literature, with the goal of informing future genetic tests and improving human health.
AI biotechnology company Owkin selected AWS as its primary cloud provider to develop generative AI applications and accelerate drug discovery and development, empowering scientists and researchers to access, analyze, and manage vast amounts of data efficiently and securely in the cloud.
Parsyl, a data-powered insurer, is using Amazon Bedrock to turn unwieldy customer information, like email attachments in different formats, into usable data to help identify patterns of risk for businesses transporting goods.
Continued to expand AWS’s infrastructure footprint to support customers by announcing:
Plans to launch new infrastructure Regions in the Kingdom of Saudi Arabia and in Mexico, which will give developers, startups, entrepreneurs, and enterprises greater choice for running their applications and serving end users. As part of AWS’s long-term commitment, it is planning to invest more than $5.3 billion in the Kingdom of Saudi Arabia and more than $5 billion in Mexico over the next several years.
A planned investment of $10 billion to build two data center complexes in Mississippi. This investment, which is the single largest capital investment in the state’s history, will create at least 1,000 jobs and support new educational trainings in the state.
The general availability of new AWS Local Zones in Atlanta, Chicago, and Houston. In Atlanta, AWS Local Zones support EC2 P5 instances, which deliver the highest performance for deep learning and high-performance computing applications.
Announced that AWS began waiving charges for data transfer out to the internet (DTO) to give customers choice if they want to migrate their data outside of AWS. The waiver on DTO charges is available to all AWS customers around the world and from any AWS Region.
Inventing on behalf of customers

Amazon is driven by a passion for invention across all of its business areas. The company builds new products and services that customers ask for, and also invents new ones that customers didn’t know they wanted but make their lives or businesses better in some meaningful way. For example, Amazon:

Announced the general availability of Amazon Q, the most capable generative AI-powered assistant for accelerating software development and leveraging companies’ internal data.
On the software development side, Amazon Q not only generates highly accurate code, but also tests code, debugs coding conflicts, and transforms code from one form to another (today, developers can save months using Q to move from older versions of Java to newer, more secure and capable ones; in the near future, Q will help developers transform their .net code as well). Q Developer Agents does multi-step planning and reasoning to allow developers to string together multiple requests and have Q implement them.
On the internal data side, most companies have large troves of data that reside in wikis, intranet pages, Salesforce, storage repositories like Amazon S3, and many other data stores and SaaS apps that are hard to access. It makes answering straightforward questions about company policies, products, business results, code, people, and many other topics hard and frustrating. Q makes this much simpler. Customers can point Q at all of its enterprise data repositories, and it’ll search this data, summarize logically, analyze trends, and engage in dialog with customers about this data. With the launch of a powerful new capability called Q Apps, employees can now describe, in natural language, what apps they want to build on top of this internal data, and Q Apps will quickly generate that app. This will make it much easier for internal teams to build useful apps from their own data.
Delivered a number of innovations in Amazon Bedrock (AWS’s generative AI service that enables customers to leverage an existing large language model, customize it with their own data, and have the easiest and best features available to deploy secure, high quality, low latency, cost-effective production generative AI apps). Tens of thousands of organizations worldwide are using Amazon Bedrock. These new Bedrock capabilities include:
The general availability of Anthropic’s Claude 3 family of vision-enabled foundation models (FMs)—Opus, Sonnet, and Haiku—which are the best performing models in the world right now and provide industry-leading accuracy, performance, speed, and cost. Claude 3 Opus has set a new standard, outperforming other models available today in the areas of reasoning, math, and coding. Amazon Bedrock became the first managed service to add Claude 3 models, and continues to provide customers with the widest choice of high-performing, fully-managed large language models (LLMs) and FMs.
The general availability of Meta Llama 3 models, a collection of pretrained and instruction fine-tuned LLMs that come in two sizes—8B and 70B. The new models demonstrate significant improvements over previous versions due to vastly increased training data and scale. This collection of models supports a broad range of use cases, like text summarization and classification, sentiment analysis, language translation, and code generation.
The addition of FMs from leading AI startup Mistral AI. Mistral Large, the latest and most advanced LLM from Mistral AI, provides top-tier reasoning capabilities for complex multilingual reasoning tasks. Mistral AI’s Mixtral 8x7B and Mistral 7B models can summarize, answer questions, and help organize information with their deep understanding of text structure and architecture.
The availability of new Cohere models (Command R and Command R+) on Bedrock.
New first party Amazon Titan LLMs, including Amazon Titan Text Embeddings V2 and the general availability of Amazon Titan Image Generator.
The general availability of Model Evaluation, which is the fastest way for organizations to analyze, compare, and select models on Amazon Bedrock, reducing time from weeks to hours spent evaluating models so customers can bring new applications and experiences to market faster.
The general availability of Guardrails, which provides customers with best-in-class technology to easily implement safeguards to remove personal and sensitive information, profanity, specific words, and harmful content. Guardrails offers industry-leading safety protection on top of the native capabilities of FMs, helping customers block up to 85% of harmful content. Guardrails is the only solution offered by a broad cloud provider that allows customers to have built-in and custom safeguards in a single offering, and it works with all LLMs in Amazon Bedrock, as well as fine-tuned models.
The new Custom Model Import capability that makes it simple for customers to import models from SageMaker (or elsewhere) into Bedrock before deploying their application—enabling customers to take advantage of all the Bedrock features that make it so much easier to build high quality production-grade generative AI apps.
Announced the extension of AWS and NVIDIA’s strategic collaboration to make AWS the best place to run NVIDIA GPUs, helping customers unlock new generative AI capabilities. AWS will bring together NVIDIA’s next-generation Blackwell platform with AWS Nitro System and AWS Key Management Service advanced security, Elastic Fabric Adapter petabit-scale networking, and Amazon EC2 UltraCluster hyper-scale clustering, enabling customers to securely build and run multi-trillion parameter LLMs faster, at massive scale, and at a lower cost than previous-generation NVIDIA GPUs on Amazon EC2. In addition, Project Ceiba, an AI supercomputer being jointly developed by AWS and NVIDIA exclusively on AWS for NVIDIA’s own AI research and development, will be built on the Blackwell platform.
Continued to meet growing demand for AWS Trainium and Inferentia chips, which help customers maximize performance and control costs for their machine learning (ML) workloads. Customers using these purpose-built AWS ML AI chips include Anthropic, Databricks, Leonardo.ai, Qualtrics, Ricoh, Stockmark, Watashiha, and Vyond. In addition, Meta's recently-launched Llama 3 model is running on Trainium and Inferentia2—delivering the lowest cost to train, fine tune, and deploy Llama 3 on AWS.
Updated AWS Neuron (software that lets customers use popular frameworks like PyTorch to train and deploy models with minimal code changes on Amazon EC2 instances, powered by Trainium and Inferentia chips) to include features that further reduce costs for LLM inference for both external customers and internal teams at Amazon, such as Amazon Rufus.
Continued to rollout Rufus in the Amazon Shopping app to millions of customers in the U.S. Rufus, in beta, is a new generative AI-powered shopping assistant that can help customers save time and make more informed purchase decisions by answering a variety of shopping-related questions, providing product comparisons, making recommendations, and more. Amazon improved Rufus’ answer accuracy and response speed, and added new features, including “My Orders,” which answers questions such as “when did I last order coffee?” and “what dog treats did I last order?”
Added more generative AI features for independent sellers in the U.S. to create product listings, including a new tool that allows sellers to leverage product listings on their own websites, simply by providing Amazon with a URL. Amazon’s generative AI-based features automatically parse the information to seamlessly create high-quality, engaging listings for Amazon’s store. This feature further enhances and streamlines the process of creating product listings, saving sellers time and effort, while also developing product listings that appeal to customers and help drive sales.
Released 20 films and series from Amazon MGM Studios, including the debut season of Fallout, which attracted more than 65 million viewers worldwide and has become the second most watched title ever on Prime Video through its first 16 days; Road House, which attracted more than 50 million viewers worldwide in its first two weekends streaming on Prime Video, the biggest debut ever for an Amazon MGM Studios-produced film;Hazbin Hotel, which had the most total global viewers on its opening weekend for a new animated series on Prime Video; and The Beekeeper, which ranked in the top-10 of theatrical releases by revenue globally in the first quarter.
Announced plans to create a new series from MrBeast, the world’s most-subscribed YouTube creator. Beast Games is set to have 1,000 contestants competing for $5 million—the biggest single prize in the history of television and streaming. The series will premiere on Prime Video in more than 240 countries and territories and is based on MrBeast’s popular show.
Announced a global collaboration that will bring Fire TV to Panasonic’s new smart TVs. Customers will get the benefits of Fire TV’s personalized streaming and access to Alexa, combined with Panasonic’s smart TVs. Amazon also announced Matter Casting on Fire TV and Echo Show 15—an industry-first implementation of this practice. Matter Casting lets customers stream and control content on their television or streaming stick from their mobile app. Customers can begin watching a movie from Prime Video on their phone, and cast it to a compatible Fire TV or Echo Show 15 to continue watching on a bigger screen.
Launched Ring Battery Doorbell Pro, Ring’s most advanced battery-powered doorbell. It features 3D Motion Detection to make motion alerts more precise; HD+ Head-to-Toe Video to improve image quality; and Audio Toggle to turn audio recording on and off.
Introduced Blink Mini 2, a compact plug-in camera that works both indoors and outdoors. Blink Mini 2 features enhanced image quality, a built-in LED spotlight for night view in color, and on-device computer vision to support smart notifications, including person detection so customers can receive alerts only when a person is detected (versus an animal or object).
Achieved several important milestones on the path toward commercializing Zoox, Amazon’s self-driving robotaxi, which is expected later this year. Key deliverables included: receiving Zoox’s California Public Utilities Commission Driverless Autonomous Vehicle Pilot permit, which allows Zoox to carry members of the public in Foster City, California, without charging a fare; expanding driving capabilities to include higher speeds, night driving, and driving in light rain in both California and Nevada; and expanding the virtual boundary where Zoox can operate its robotaxis in Las Vegas, helping prepare for the first public riders in the city later this year.
Announced Whole Foods Market Daily Shop, a new quick-shop store designed to provide customers in urban neighborhoods a quick, convenient shopping experience. The new format will launch on the Upper East Side in Manhattan, with additional locations in New York City to follow.
Empowering employees and delivery service partners

In addition to its focus on customers, Amazon strives to make every day better for its employees and delivery service partners. For example, the company:

see & read more on
https://ir.aboutamazon.com/news-release/news-release-details/2024/Amazon.com-Announces-First-Quarter-Results-68b9258cd/default.aspx