Amazon triples quarterly profit as cloud surges
- The company reported US$10.4 billion in profit on revenue of US$143.3 billion, compared with US$3.2 billion profit and US$127.4 billion in sales in Q1 last year
- Sales at Amazon online stores grew by seven per cent in the quarter despite competitive pressure from rivals such as Shein and Temu
E-commerce titan Amazon on Tuesday said profit in the first three months of 2024 tripled as its cloud, ads, and retail businesses thrived.
Amazon shares were up about one per cent in aftermarket trades that followed release of the earnings figures, with Wall Street keeping a close eye on the impact of AI as well as costs involved.
“It was a good start to the year across the business,” Amazon chief executive Andy Jassy said in an earnings release.
The Seattle-based company reported US$10.4 billion in profit on revenue of US$143.3 billion, compared with a profit of US$3.2 billion on US$127.4 billion in sales in the same period a year earlier.
“Amazon opens its new fiscal year with a robust set of numbers that show it has mostly brushed off pressures in the consumer economy,” GlobalData managing director Neil Saunders said in a note to investors.
Sales at Amazon online stores grew by seven per cent in the quarter despite competitive pressure from rivals such as Shein and Temu, according to Saunders.