Amazon reports strong 1Q results driven by its cloud-computing …

NEW YORK (AP) — Amazon on Tuesday reported strong results for the first quarter, driven by growth in its cloud-computing unit and new advertising dollars from its Prime Video streaming service. The Seattle-based e-commerce giant said it brought in $143.31 billion in revenue in the first three months of t…

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May 1, 2024 · Amazon reports strong Q1 results driven by cloud-computing unit and Prime Video ads Amazon said it brought in $143.31billion in revenue in the first three months of this year, a …

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How did Amazon perform in Q1?

Amazon has posted robust results for Q1, bolstered by its cloud-computing unit and advertising revenue from its Prime Video streaming service. The Seattle-based e-commerce giant racked up revenues of $143.31billion in the first quarter, marking a 13% rise compared to the same period last year. ...

Is Amazon using AI to attract more enterprises to the cloud?

However, Amazon has been using its AI offerings to push back on that trend and attract more enterprises to its cloud business. Jassy said AI capabilities have reaccelerated AWS’ growth rate and it is now on pace for $100 billion in annual revenue. ...

Is AWS a good choice for a big tech company?

AWS, whose customers are mostly businesses, has been at the cornerstone of Amazon’s strategy in the competitive artificial intelligence race among big tech companies. The unit saw a slowdown in growth last year as companies cut back on costs amid concerns about the economy. ...

Why did Amazon's shares rise 2% in after-hours trading?

Amazon.com Inc. 's shares rose approximately 2% in after-hours trading. Under Mr Jassy's leadership, Amazon has been trimming costs across various sectors of its business to maintain profitability. This year, the firm slashed hundreds of roles across AWS, Prime Video and MGM Studios. ...

Did Amazon beat analysts' expectations for 84 cents a share?

That soundly beat Wall Street analysts’ expectations for 84 cents a share, according to FactSet. “It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results,” Amazon CEO Andy Jassy said in a statement. ...

Are Amazon customers'very thoughtful' about their spending?

Amazon’s U.S. customers are being “very thoughtful” about their spending, Chief Financial Officer Brian Olsavsky said in a call with reporters. He noted consumers are looking for deals and trading down, and that the company is “particularly” seeing lower spending in Europe. ...