Amazon Revenues Up 10 Percent to $148 Billion

Online retailing giant Amazon earned a net income of $13.5 billion on revenues of $148 billion in the quarter ending June 30. Those numbers represent gains of 50 percent and 10 percent, respectively, and were roughly in line with expectations.

“We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in AWS growth,” Amazon president and CEO Andy Jassy said. “As companies continue to modernize 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.”

On that note, AWS delivered an operating income of $5.4 billion on revenues of $22.1 billion in the quarter. But its retail operations delivered the biggest numbers, by far. North American retail operations posted an operating income of $3.2 billion on revenues of $82.5 billion, while International added a net loss of $895 million on revenues of $29.7 billion.

Breaking down its retail operations, the online stores delivered $51 billion in revenues, down 3 percent YOY, while physical stores added $4.9 billion (up 7 percent) and third-party seller services grew 20 percent to $29.8 billion. And Amazon’s consumer subscriptions provided $9.7 billion in revenues, up 17 percent. But Amazon’s advertising business saw the biggest growth, 23 percent, to $9.5 billion.

Looking ahead, Amazon expects to see 8 to 11 percent revenue growth in the current quarter to $156 billion or so. The firm is rumored to be prepping an online store in China to compete with Temu and other local companies.