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Amazon tripled its profits in the first quarter of the year and rises on Wall Street

Amazon tripled its profits in the first quarter of the year and rises on Wall Street

amazon The global e-commerce giant led by Jeff Bezos, presented its financial results for the first quarter of 2024 on Tuesday, above market forecasts with revenues of $143.31 billion and diluted earnings per share of $0.98. In that context, theThe stock rises more than 3% on Wall Street after the market closes.

During trading this Tuesday, the shares had closed with a drop of 3.2% to trade at $175, but enthusiasm for the good results led the company’s shares to obtain superior gains of up to 5% in the post-closing operations, to subsequently moderate to an advance of more than 3%.

For the second quarter of 2024, Amazon has net sales projections between $144 billion and $149 billion, an increase of 7% to 11% from the same period last year. An unfavorable impact of approximately 60 basis points is expected due to foreign exchange rates.

Amazon: the details of the corporate balance sheet

amazon reported a 13% increase in net sales compared to the same period last year, even after adjusting for the unfavorable impact on exchange rates, the company highlighted in its statement.

In detail, sales in the North American segment increased 12% year-on-year, reaching 86.3 billion dollars, reflecting strong demand in the domestic market. For its part, international sales also recorded growth of 10% year-on-year, totaling $31.9 billion, or an increase of 11% adjusted for exchange rates.

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Amazon’s net income for the first quarter of 2024 was $10.4 billion

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The segment of Amazon Web Services (AWS), which offers cloud computing services, experienced a 17% increase in its year-over-year sales, reaching 25 billion in revenue. Amazon’s operating income for the quarter was $15.3 billion, compared to $4.8 billion in the first quarter of 2023.

Amazon’s net income for the first quarter of 2024 was $10.4 billion, or $0.98 earnings per diluted share, up from $3.2 billion, or $0.31 EPS, in the same period in 2024. last year.

Amazon: the word of the company’s CEO

Andy Jassy, ​​President and CEO of Amazon, expressed its satisfaction with these results, highlighting the good start to the year both in financial terms and in the improvement of the customer experience. He emphasized the continued growth and acceleration of AWS, as well as the success of the strategy of expanding product selection, low prices and fast delivery in the online store business.

Source: Ambito

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