SNAP - Amazon's Smashing Q1 Financials Show The Power Of A Good And Well Executed Strategy | Benzinga
Like Meta Platforms (NASDAQ: META), Snap Inc (NYSE: SNAP) and Google parent Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL), Amazon.com Inc (NASDAQ: AMZN) reported better-than-expected quarterly results, with stronger than expected revenue being the result of the improvements on the ad business front.
First Quarter Highlights
In part due to its booming AWS division and its advertising service, Amazon reported revenue grew 12.52% YoY to $143.3 billion, surpassing LSEG’s estimate of $142.5 billion. Operating income far outpaced revenue growth as well as it soared more than 200% to $15.3 billion, which is the first sign that Amazon’s cost-cutting initiatives and efficiency improvements are benefiting the bottom line as net income skyrocketed 229% YoY to $10.43 billion, with diluted EPS amounting to 98 cents a share, surpassing LSEG’s estimate of 83 cents.
Amazon’s businesses are thriving, beginning with party seller services that cover commissions that Amazon collects, along with fulfillment, shipping fees and other charges, grew 16% YoY to $34.5 billion.
AWS continues to grow and challenge Google and Microsoft, both the cloud and AI front.
The AWS division reported a 17% YoY growth to $25 billion, surpassing StreetAccount’s estimate of $24.5 billion and reflecting Amazon’s strong positioning compared ...