Q3 2024 Amazon.com Inc Earnings Call Transcript
Key Points
- Amazon.com Inc (AMZN) reported a significant revenue increase of 11% year-over-year, reaching $158.9 billion.
- Operating income surged by 56% year-over-year to $17.4 billion, marking the highest quarterly operating income ever for the company.
- AWS experienced a robust growth of 19.1% year-over-year, with an annualized revenue run rate of $110 billion.
- The company saw strong growth in its advertising segment, generating $14.3 billion in revenue, an 18.8% increase year-over-year.
- Amazon.com Inc (AMZN) continues to innovate with AI and robotics, enhancing efficiency and safety in its fulfillment network.
- The company faces challenges with foreign exchange rates, which had a 20 basis point unfavorable impact on revenue.
- Despite strong growth, AWS margins are influenced by high costs associated with AI infrastructure and chip supply constraints.
- The third-party unit mix declined slightly in Q3, indicating potential shifts in consumer purchasing behavior.
- Amazon.com Inc (AMZN) is investing heavily in capital expenditures, with expectations to spend approximately $75 billion in 2024, which could impact short-term cash flow.
- The company acknowledges the competitive landscape in retail, with traditional retailers growing quickly online, posing a challenge to its market share.
Thank you for standing by. Good day, everyone, and welcome to the Amazon.com third-quarter 2024 financial results teleconference. (Operator Instructions) Today's call is being recorded. And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Mr. Dave Fildes. Thank you, sir. Please go ahead.
Hello, and welcome to our Q3 2024 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2023.
Our comments and responses to your questions reflect management's views as of today, October 31, 2024 only and will include forward-looking statements. Actual results may differ
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