E-commerce giant Amazon.com Inc AMZN reported first-quarter financial results after the market close Tuesday.
Here are the key highlights.
What Happened: Amazon reported first-quarter net sales of $143.3 billion, up 13% year-over-year. The net sales total beat a Street consensus estimate of $142.5 billion, according to data from Benzinga Pro.
The company reported North American sales of $86.3 billion, up 12% year-over-year.
International segment sales were $31.9 billion, 10% higher year-over-year.
The company's Amazon Web Services segment posted first-quarter sales of $25 billion, a 17% year-over-year increase.
Amazon reported earnings per share of 98 cents in the first quarter, beating a Street consensus estimate of 82 cents per share.
"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.
"The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS's AI capabilities is reaccelerating AWS's growth rate."
AWS is now a $100-billion annual revenue run rate business, the CEO said.
The company hit its fastest-ever delivery speeds in the first quarter, with more than 2 billion global units arriving the same or next day.
The Amazon Prime Video streaming platform announced during the first quarter that it will stream an exclusive NFL Playoff game in January 2025. The move follows Amazon’s success as the home of "Thursday Night Football" games.
Amazon highlighted in its quarterly report that customers are using AWS generative artificial intelligence services for new customer experiences to accelerate employee productivity and transform operations. Select customers that were highlighted include Siemens and Philips.
Amazon will invest $5.3 billion in Saudi Arabia and $5 billion in Mexico to grow its infrastructure and AWS. The company is also investing $10 billion in two data centers in Mississippi.
Related Link: Amazon Q1 Earnings Preview: Analyst Estimates, Key Items To Watch Including NBA, WNBA, Fallout
What's Next: Amazon is guiding for second-quarter net sales to be in a range of $144 billion to $149 billion. The analyst consensus estimate is $150.1 billion, according to data from Benzinga Pro.
The guidance range represents year-over-year growth of 7% to 11%.
"It's very early days in all of our businesses and we remain excited by how much more we can make customers' lives better and easier moving forward," Jassy said.
AMZN Price Action: Amazon shares are up 2.8% to $179.90 in after-hours trading Tuesday versus a 52-week trading range of $101.15 to $189.77.
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