Amazon.com Inc (NASDAQ:AMZN) reported financial results for the first quarter after the market close on Wednesday. Here’s a look at the key details from the print.
- Amazon.com stock is trading near highs. Why are AMZN shares outperforming?
Amazon Q1 Highlights
Amazon reported first-quarter revenue of $181.52 billion, beating the consensus estimate of $177.30 billion, according to Benzinga Pro. The e-commerce giant reported quarterly earnings of $2.78 per share, beating analyst estimates of $1.66 per share.
Total revenue increased 17% on a year-over-year basis. Here’s a breakdown of revenue by segment.
- North America: $104.1 billion, up 12%
- International: $39.8 billion, up 19%
- Amazon Web Services: $37.6 billion, up 28%
Operating cash flow increased 30% to $148.5 billion for the trailing 12 months, and free cash flow decreased to $1.2 billion, primarily due to increased purchases of property and equipment. Amazon ended the period with $104.69 billion in cash, cash equivalents and restricted cash.
“AWS is growing 28% (our fastest growth in 15 quarters) on a very large base, our chips business topped a $20 billion revenue run rate (growing triple digits year-over-year), Advertising grew to over $70 billion in TTM revenue, and unit growth in our Stores reached 15% (the highest since the tail end of covid lockdowns),” said Andy Jassy, president and CEO, Amazon.
“We’re in the middle of some of the biggest inflections of our lifetime, we’re well-positioned to lead, and I’m very optimistic about what’s ahead for our customers and Amazon.”
Amazon expects second-quarter revenue to be between $194 billion and $199 billion versus estimates of $188.87 billion. Operating income is expected to be between $20 billion and $24 billion in the second quarter, compared to $19.2 billion in the comparable quarter last year.
Amazon executives will further discuss the quarter on an earnings call at 5:30 p.m. ET. A link to the call has been provided below.
AMZN Shares Inch Higher After The Bell
AMZN Price Action: Amazon shares were up approximately 14% year-to-date heading into the print. The stock was down 1% in after-hours on Wednesday, trading at $260.41 at the time of publication, according to Benzinga Pro.
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