Summary by Futu AI
Amazon reported a significant increase in financial performance for Q1 2024, with net sales rising 13% year-over-year to $143.313 billion. Operating cash flow saw a substantial increase from $4.788 billion in Q1 2023 to $18.989 billion in Q1 2024. The company's operating income surged from $4.774 billion in Q1 2023 to $15.307 billion in Q1 2024, driven by growth across all segments, particularly AWS with a 17% increase in sales. Amazon's investment in technology infrastructure is set to rise in 2024, reflecting its commitment to AWS business growth and fulfillment network expansion. The company's international sales grew by 10%, despite a $248 million impact from foreign exchange rates. Amazon's future plans include continued investments in technology infrastructure to support AWS and fulfillment network capacity. The company anticipates net sales between $144 billion and $149 billion for Q2 2024, with operating income expected to be between $10 billion and $14 billion. These projections are subject to uncertainties including foreign exchange rates and global economic conditions.