Amazon beat Wall Street earnings estimates for the second quarter in what the company reported was an all-around solid quarter with improved key metrics from each division.
Net income was $13.49 billion, or $1.26 per diluted share, versus $6.75 billion, or 65 cents per diluted share, in the year-before quarter.
Amazon exceeded a MarketBeat-published analyst consensus estimate for earnings of $1.05 per share but fell just short of a $148.63 revenue forecast.
Total sales were $147.98 billion, and net product sales were $61.57 billion, versus $134.38 billion and $59.03 billion, respectively, in the year-earlier quarter. The company reported Operating income of $14.67 billion versus $7.68 billion in the year-prior period.
North American segment sales advanced 9% year-over-year to $90 billion, as AWS segment sales increased 19% to $26.3 billion, and International segment sales increased 7% to $31.7 billion, or 10% excluding foreign exchange rate volatility. In the second quarter, the North American segment operating income advanced to $5.1 billion from $3.2 billion, while the AWS segment operating income increased to $9.3 billion from $5.4 billion, and the International segment operating income rose to $300 million after an operating loss of $900 million.
Amazon pointed to highlights in the business since its last earnings announcement:
- Amazon held its 10th Prime Day, which the company characterized as the biggest Prime Day shopping event yet.
- Amazon said it delivered Prime member orders at its fastest speeds ever in 2024’s first half.
- The company announced U.S. Prime members get a Grubhub+ membership worth $120 a year.
- The company launched multiple AI-powered features for consumers, including the Rufus shopping assistant, now available to all U.S. mobile customers.
- All of the electricity consumed by Amazon’s operations, including its data centers, was matched with 100% renewable energy in 2023, meeting its 100% renewable energy goal seven years early.
- The company replaced 95% of plastic air pillows in North American delivery packaging with paper filler.
