Amazon.com, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 2024 revenue reached $143.3 billion, up 13% year-over-year (excluding FX). Leap year added ~120 bps to growth.
  • Operating income was a record $15.3 billion, up 221% year-over-year.
  • Trailing 12‑month free cash flow was $48.8 billion, up $53.2 billion from Q1 2023.
  • FX was a ~$700 million revenue headwind (50 bps vs guidance).

North America & International Retail

  • North America revenue: $86.3 billion (+12% Y/Y); operating income: $5 billion (up $4.1B Y/Y). Margin improved to 5.8% (up 460 bps).
  • International revenue: $31.9 billion (+11% Y/Y, ex-FX); operating income: $903 million, up $2.2 billion Y/Y. Margin improved to 2.8% (up 710 bps).
  • Third‑party seller services grew 16% Y/Y (ex-FX). 3P unit mix rose to 61% (up 200 bps).
  • Continued efficiency gains: regionalization, better inbound inventory placement, more units per box, and expanded robotics/automation.
  • Prime delivery reached its fastest speeds ever: in top 60 U.S. metros, nearly 60% of orders delivered same or next day.

Advertising

  • Ad revenue grew 24% Y/Y (ex-FX), led by Sponsored Products.
  • Prime Video Ads launched and is seeing strong early advertiser adoption.

AWS Performance

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Operator: Thank you for standing by. Good day, everyone, and welcome to the Amazon.com First Quarter 2024 Financial Results Teleconference. [Operator Instructions] Today's call is being recorded. And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Mr. Dave Fildes. Please go ahead. Dave Fildes: Hello, and welcome to our Q1 2024 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2023. Our comments and responses to your questions reflect management's views as of today, April 30, 2024, only, and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings. During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast, and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regard

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