Q2 2024 Amazon.com Inc Earnings Call Transcript
Key Points
- Amazon.com Inc (AMZN) reported $148 billion in revenue, up 11% year-over-year, excluding the impact from foreign exchange rates.
- Operating income was $14.7 billion, up 91% year-over-year.
- AWS revenue growth accelerated from 17.2% in Q1 to 18.8% in Q2, driven by cost optimization, infrastructure modernization, and AI adoption.
- Advertising revenue increased by over $2 billion year-over-year, with more than $50 billion in revenue in the trailing 12 months.
- Prime Video continues to show strong performance, with significant viewership and critical acclaim, including 62 Emmy nominations.
- Foreign exchange rates posed a $1 billion headwind to revenue, higher than anticipated.
- North America segment operating margin decreased slightly due to increased Q2 spend in investment areas like Project Kuiper.
- Customers are trading down on price, impacting average selling prices and revenue growth in higher ticket items.
- Seller fees were lower than expected due to changes in seller behavior following recent fee adjustments.
- The macroeconomic environment continues to pressure consumer spending, particularly in discretionary categories like electronics and TVs.
Thank you for standing by. Good day, everyone, and welcome to the Amazon.com second quarter 2024 financial results teleconference. (Operator Instructions) Today's call is being recorded. And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Dave Fildes. Thank you, sir. Please go ahead.
Hello, and welcome to our Q2 2024 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter.
Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2023. Our comments and responses to your questions reflect management's views as of today, August 1, 2024 only, and will include forward-looking statements.
Actual results may differ materially.
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