In a recent earnings report announced on Tuesday, the booming sales of Amazon’s cloud computing sector assisted in propelling the tech behemoth past financial analysts’ anticipated profit and revenue figures. Revenue from Amazon Web Services, the ecommerce titan’s crucial profit stimulant, jumped by 17% to $25 billion (€23.4 billion), surpassing predictions for $24.5 billion. The total net sales climbed to $143.3 billion, marking a 13% increase from the previous year and exceeding the predicted $142.5 billion.
During the initial three months of the year, Amazon’s operating income reached $15.3 billion, outperforming expected figures of $11 billion. Nonetheless, the guidance for total net sales for the second quarter fell slightly short of expectations; Amazon provided a forecast between $144 billion-$149 billion against analysts’ projections of $150 billion.
Amazon’s shares, which have surged roughly 17% this year, increased by almost 3% in transactions conducted after the regular trading hours. –Copyright The Financial Times Limited 2024.