American firm Amazon's revenue soars 10% to $148 bn in Q2 FY24

American multinational company Amazon has reported an increase in net sales by 10 per cent to $148 billion in the second quarter of fiscal 2024 (Q2 FY24), up from $134.4 billion in Q2 FY23. Excluding the $1 billion unfavourable impact from year-over-year (YoY) changes in foreign exchange rates, net sales grew by 11 per cent compared to the second quarter of 2023.

In the North America segment, sales rose by 9 per cent YoY to $90 billion. The international segment also showed strong performance with sales increasing by 7 per cent YoY to $31.7 billion, or 10 per cent when excluding the impact of foreign exchange rate changes, the company said in a press release.

Operating income saw a substantial increase, reaching $14.7 billion in the second quarter, compared with $7.7 billion in the same period last year. The North America segment contributed $5.1 billion to this total, up from $3.2 billion in Q2 FY23. The international segment also showed improvement, reporting an operating income of $0.3 billion, a significant turnaround from an operating loss of $0.9 billion in the second quarter of FY23.

Net income for Q2 FY24 surged to $13.5 billion, or $1.26 per diluted share, compared with $6.7 billion, or $0.65 per diluted share, in the same quarter of the previous year.

“As companies continue to modernise their infrastructure and move to the cloud, while also leveraging new generative AI opportunities, AWS continues to be customers’ top choice as we have much broader functionality, superior security and operational performance, a larger partner ecosystem, and AI capabilities,” said Andy Jassy, Amazon president and CEO.

Fibre2Fashion News Desk (DP)