Amazon Q1 Earnings Highlights: Revenue And EPS Beat, AWS Up 16% YoY, Q2 Guidance And More

Ecommerce giant Amazon.com Inc AMZN reported first quarter financial results after market close Thursday. Here are the key highlights.

What Happened: Amazon reported first-quarter revenue of $127.4 billion, up 9% year-over-year. The revenue total came in ahead of a Street consensus estimate of $124.53 billion, according to data from Benzinga Pro.

The company reported earnings per share of 35 cents in the first quarter, beating a Street estimate of 21 cents.

Amazon reported North American sales of $76.9 billion for the first quarter, up 11% year-over-year. International sales totaled $29.1 billion, up 1% year-over-year.

AWS segment sales were $21.4 billion in the first quarter, up 16% year-over-year.

“There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy,” Amazon CEO Andy Jassy said. “Our stores business is continuing to improve the cost to serve in our fulfillment network while increasing the speed with which we get products in the hands of customers.”

The company saw “robust growth” in its advertising business in the quarter, according to Jassy.

"While our AWS business navigates companies spending more cautiously in this macro environment, we continue to prioritize building long-term customer relationships both by helping customers save money and enabling them to more easily leverage technologies."

Language models and generative AI were cited by Jassy as tools to help AWS customers.

The company highlighted the results of “Creed III” at the box office from its MGM unit, the Amazon Original limited series “Daisy Jones & The Six” and the exclusive rights to the first-ever Black Friday NFL game on Nov. 24, 2023.

Related Link: Trading Strategies For Amazon Stock After Q1 Earnings 
What’s Next: Amazon is guiding for second-quarter net sales to be in the range of $127.0 billion to $133.0 billion. Benzinga Pro data shows analysts are currently forecasting second-quarter net sales of $129.83 billion.

AMZN Price Action: Amazon shares are up 10% to $120.64 in after-hours trading Thursday.

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