NEW YORK – Amazon has unveiled impressive financial results for its fiscal first quarter, attributing its robust performance to significant growth within its cloud computing division.
The tech and e-commerce giant reported that sales from its Amazon Web Services (AWS) segment surged by 28%, marking the fastest growth rate in a span of 15 quarters. This increase outpaced the previous quarter’s growth of 24%, which followed a 20% rise in the third quarter of the last fiscal year.
For the three-month period ending March 31, Amazon recorded earnings of $30.3 billion, translating to $2.78 per share. This is a significant increase compared to $17.1 billion, or $1.59 per share, reported during the same quarter last year.
Net sales rose by 17% to reach $181.5 billion, up from $155.7 billion in the corresponding quarter of the previous year. Analysts had forecasted earnings of $1.63 per share on sales of $177.28 billion, according to a survey conducted by FactSet.
Revenue generated by AWS reached an impressive $37.58 billion, surpassing analysts’ expectations of $36.6 billion as indicated by FactSet.
Looking ahead, Amazon’s outlook for the upcoming quarter remains optimistic. The company anticipates net sales to fall between $194 billion and $199 billion, signaling an increase of 16% to 19% compared to the same quarter last year. Analysts predict sales of approximately $188.96 billion for this period, according to FactSet.
Overall, Amazon’s latest financial results highlight the strength of its cloud services, reflecting not only the company’s adaptability but also its leadership in the rapidly evolving digital marketplace.
