Amazon (AMZN) reported its third-quarter earnings for 2024, and the results have exceeded expectations, showcasing the e-commerce giant’s continued growth and success in the market.
The company reported a revenue of $162 billion for the quarter, a significant increase from the previous year’s $113 billion. This growth can be attributed to the strong performance of Amazon’s core e-commerce business, as well as its cloud computing division, Amazon Web Services (AWS).
AWS saw a revenue increase of 30% year-over-year, reaching $20 billion for the quarter. This growth is a testament to the continued demand for cloud services and the increasing adoption of cloud computing solutions by businesses worldwide.
Amazon’s e-commerce business also saw impressive growth, with a 25% increase in revenue compared to the previous year. This growth can be attributed to the company’s continued focus on expanding its product offerings, improving its delivery services, and enhancing the overall customer experience.
In addition to its core businesses, Amazon’s advertising and subscription services also saw strong growth during the quarter. The company’s advertising revenue saw a 35% increase year-over-year, reaching $8 billion for the quarter. This growth is a result of Amazon’s continued investment in its advertising platform, as well as the increasing number of advertisers looking to reach customers on the platform.
Amazon’s subscription services, which include Amazon Prime, also saw a 20% increase in revenue compared to the previous year. This growth can be attributed to the increasing number of Prime members, as well as the company’s efforts to expand its subscription offerings and create more value for its customers.
Overall, Amazon’s third-quarter earnings report for 2024 showcases the company’s continued growth and success in the market. With strong performance across its core businesses and continued investments in new growth opportunities, Amazon is well-positioned to maintain its position as a leader in the e-commerce and cloud computing industries. Investors and analysts are optimistic about the company’s future prospects, and it will be interesting to see how Amazon continues to innovate and grow in the coming quarters.