2024-05-09 16:04:47 ET
Summary
- Amazon's first quarter results exceeded expectations, driven by strong performance in AWS and double-digit sales growth in eCommerce.
- AWS reached a $100 billion sales run rate in 1Q24 and accounted for 62% of Amazon's operating income.
- Despite a less optimistic outlook for the second quarter, Amazon's operating income growth and potential in AWS suggest room for stock price growth.
First quarter results of Amazon ( AMZN ) were released on April 30, 2024, and crushed the Street’s expectations. The retail giant’s outlook for the second quarter was not particularly strong, but Amazon is doing a bang-up job in AWS which is now having a $100 billion sales run-rate and which delivered good results, including 17% YoY sales growth. Amazon’s eCommerce business is also showing considerable promise, with sales growing at double digits....
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AWS Q1 Momentum Could Drive Amazon To New All-Time Highs