The net income of the company was $15.3 billion in Q3 2024, compared to $9.9 billion in Q3 2023. In the first nine months (9M) of 2024, the net income of Amazon was $39,244 million, up from $19,801 million in the same period last year. The operating cash flow increased 57 per cent to $112.7 billion for the trailing twelve months, compared with $71.7 billion for the trailing twelve months ended September 30, 2023, Amazon stated in a press release.
Amazon’s Q3 2024 net sales rose 11 per cent to $158.9 billion, with net income reaching $15.3 billion, up from $9.9 billion in Q3 2023.
Operating income grew to $17.4 billion.
North American and International sales increased by 9 and 12 per cent, respectively.
Amazon projects Q4 2024 sales between $181.5-$188.5 billion, anticipating continued growth.
In Q3 2024, net product sales were $67,601 million, up from $63,171 million in the same period last year. The net product sales for 9M period were $190,085 million, compared to $179,184 million in the same period in the previous year.
The total operating expenses in Q3 2024 were $141,466 million, up from $131,895 million last year and 9M sales in 2024 were $381,181 million, compared to $402,777 million in 2023. The operating income of the company increased to $17.4 billion in Q3 from $11.2 billion in Q3 2023 and in the 9M period it was $47,390 million this year, up from $23,643 million in 2023.
The basic earnings per share (EPS) in Q3 2024 stood at $1.46, rising from $0.96 in Q3 2023. In the 9M period, basic EPS reached $3.76 rising from $1.93. The diluted EPS in Q3 was $1.43 up from $0.94 last year, and year-to-date (YTD) in 2024 was $3.67 up from $1.89.
The North American segment sales increased 9 per cent YoY to $95.5 billion in Q3 2024. The North American segment operating income was $5.7 billion, compared with operating income of $4.3 billion in Q3 2023.
International segment operating income was $1.3 billion, compared with an operating loss of $0.1 billion in Q3 2023. International segment sales increased 12 per cent YoY to $35.9 billion in Q3 2024, added the release.
“As we get into the holiday season, we’re excited about what we have in store for customers,” said Andy Jassy, Amazon president and chief executive officer (CEO).
“We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations; and there’s so much more coming, from tens of millions of deals, to our NFL Black Friday game and Election Day coverage with Brian Williams on prime video, to over 100 new cloud infrastructure and AI capabilities that we’ll share at AWS re:Invent the week after Thanksgiving.”
Amazon’s net sales in the fourth quarter (Q4) of 2024 are expected to be between $181.5 billion and $188.5 billion, or to grow between 7 per cent and 11 per cent compared with Q4 2023. This guidance anticipates an unfavourable impact of approximately 10 basis points from foreign exchange rates. The operating income is expected to be between $16.0 billion and $20.0 billion, compared with $13.2 billion in Q4 2023.
Fibre2Fashion News Desk (SG)
