Amazon keeps chugging along with 11% sales growth in Q3
Amazon booked a double-digit net sales increase in Q3 as the online retailer heads into the busy holiday shopping season.
SEATTLE — It was another positive quarter for Amazon, as net sales for the online retailer rose by 11% to $158.9 billion in the third quarter of 2024.
North America sales reached $95.5 billion, up 9%, but International and AWS saw even greater growth at 12% and 19%, respectively year-over-year.
“As we get into the holiday season, we’re excited about what we have in store for customers,” said Andy Jassy, president and CEO. He pointed to the kick off with Amazon Prime Deal Days in October and the successful launch of a new Kindle lineup. “And there’s so much more coming, from tens of millions of deals to our NFL Black Friday game to election day coverage with Brian Williams on Prime Video,” he said.
Operating income for quarter increased to $17.4 billion, up for $11.2 billion in the same quarter in 2023, while net income increased to $15.3 billion in the quarter, or $1.43 per diluted share. Cashflow increased by 57% to $112.7 for the trailing 12 months ended Sept. 30, and free cashflow was $47.7 billion.
Guidance for the fourth quarter shows net sales growing between 7% and 11% to $181.5 billion to $188.5 billion. Operating income is expected to be between $16 billion and $20 billion vs. $13.2 billion in the fourth quarter of 2023.
Amazon continued its rollout of AI-powered features in the quarter including Rufus, it’s generative AI assistant, which is becoming available in Canada, parts of Europe and India; AI Shopping Guides, which are used to simplify product research; and Project Amelia, an AI assistant for sellers.
Other highlights during the quarter were its rollout of a fuel savings program for Prime members and expansion of its same-day delivery pharmacy service.
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