Amazon (AMZN) reported first-quarter earnings and sales that exceeded expectations, driven by strong growth in its cloud-computing and advertising businesses. The company earned 98 cents per share on sales of $143.3 billion, up 13% year-over-year, beating analyst projections of 84 cents per share on sales of $142.7 billion.
Amazon’s Amazon Web Services (AWS) cloud-computing division saw sales grow 17% year over year to $25 billion, surpassing consensus expectations. CEO Andy Jassy highlighted that AWS is now at a $100 billion annual revenue run rate, with a reaccelerating growth rate due to companies renewing infrastructure modernization efforts and the appeal of AWS’s AI capabilities.
Operating income from AWS jumped 84% to $9.4 billion, with an operating margin of 37.6%, compared to 24% in the same quarter last year. Additionally, Amazon’s international retail operations posted operating income for the first time since 2021, while North American operations contributed $5 billion in operating income.
Despite a lighter-than-expected sales forecast for the June quarter, Amazon’s operating income of $15.3 billion for the first quarter exceeded analyst expectations. The company’s advertising business grew 24% year over year to $11.8 billion, benefiting from the growth of its stores and Prime Video businesses.
Amazon stock rose more than 2% in after-hours trading following the earnings report. With strong performance across its various business segments, Amazon continues to solidify its position as a leader in cloud computing and e-commerce.
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