May 2, 2024
SEATTLE – Amazon.com Inc. released financial results this week via press release for its first quarter ended March 31, 2024. The Seattle-based juggernaut reported a 13% net sales increase 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.
“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,” Jassy continued. “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.”
Company officials boasted that, “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, three out of four items were delivered the same or next day.”
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