Summary by Futu AI
On August 1, 2024, Amazon.com, Inc. reported its financial results for the second quarter of 2024. The company saw a 10% increase in net sales to $148.0 billion compared to the same quarter in the previous year, with a notable 19% increase in AWS segment sales to $26.3 billion. Operating income more than doubled to $14.7 billion, and net income also saw a significant rise to $13.5 billion, or $1.26 per diluted share. This performance includes a pre-tax valuation gain from Amazon's investment in Rivian Automotive, Inc. Operating cash flow surged by 75% to $108.0 billion for the trailing twelve months. Amazon's CEO, Andy Jassy, highlighted the reacceleration in AWS growth and the company's advancements in cloud infrastructure and AI capabilities. The report also mentioned Amazon's expansion into new markets, enhancements in Prime delivery, and the launch of AI-powered features. Looking ahead, Amazon expects net sales for the third quarter of 2024 to be between $154.0 billion and $158.5 billion, with operating income projected to be between $11.5 billion and $15.0 billion.
