The company recently released its financial results for the first quarter of 2024. For the first quarter of 2024, Amazon Inc (Nasdaq : AMZN) posted record revenues. Total sales increased 13% to $143.3 billion in the first quarter compared to $127.4 billion in the same quarter of the previous year. Sales in North America increased 12% year-on-year to US$86.3 billion. International segment sales increased 10% year-over-year to $31.9 billion, an increase of 11% excluding changes in foreign exchange rates. AWS segment revenue increased 17% year-over-year to $25.0 billion. Net income increased to $10.4 billion in the first quarter. Net income for the first quarter of 2024 includes, among other things, a pre-tax valuation loss of $2.0 billion, which was included in non-operating expenses from the investment in common stock of Rivian Automotive, Inc.
Operating cash flow increased 82% to $99.1 billion over the past twelve months compared to $54.3 billion for the twelve months ended March 31, 2023. Free cash flow improved to an inflow of $50.1 billion over the past twelve months compared to an outflow of $3.3 billion for the twelve months ended March 31, 2023.
Amazon President and CEO Mr Andy Jassy said: “It’s been a good start to the year across our company, which is evident in both our improved customer support and financial results.” “The combination of companies renewing their efforts to modernize their infrastructure and the attraction with AWS’ artificial intelligence capabilities is once again accelerating AWS’ growth rate (now at $100 billion in annual revenue)”
Amazon is obsessed with making customers’ lives better and easier every day with new and improved products and services. This applies to consumers, sellers, brands, developers, businesses and creators.
Amazon Inc. also delights customers with fast and convenient delivery. With more than 2 billion global orders arriving the same or next day in Q1, Amazon delivered to Prime members at its highest-ever rate. In March, in the 60 largest U.S. regions, nearly 60% of orders arrived to Prime members the same or next day, and in London, Tokyo and Toronto, 3 out of 4 items were delivered the same or next day.
23 Wall Street brokers raised their price targets on the stock as the online retail giant posted a 14% increase in sales in the holiday quarter, pointing to strong spending despite a tight economy. The average target price was set by the multinational investment corporations for the short- to medium-term investment horizon at $220.00 per share.
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