Amazon.com, Inc. reported an increase in sales and profit for 2024, with growth in all business segments, including e-commerce and cloud services. The company’s total net sales reached $638 billion, an 11% growth from 2023.
In North America, sales climbed 10% to $387.5 billion, while international sales grew 9% to $142.9 billion. The cloud computing arm, Amazon Web Services (AWS), saw a 19% rise in sales, reaching $107.6 billion.
Amazon’s operating income more than doubled to $68.6 billion, up from $36.9 billion the previous year. The North America segment contributed $25 billion in operating income, compared with $14.9 billion in 2023. The international segment turned a profit of $3.8 billion after posting a $2.7 billion loss the previous year. AWS remained the largest contributor, generating $39.8 billion in operating income, up from $24.6 billion in 2023.
The company’s net income for 2024 rose to $59.2 billion, or $5.53 per diluted share, compared with $30.4 billion, or $2.90 per share, in 2023. Amazon also reported an increase in operating cash flow, which grew 36% to $115.9 billion.
Key innovations
For the fourth quarter, Amazon’s net sales increased 10% year-over-year to $187.8 billion. The North America segment posted $115.6 billion in sales, while international sales stood at $43.4 billion. AWS continued its growth, generating $28.8 billion in sales, a 19% rise from the previous year.
Operating income for the fourth quarter was $21.2 billion, an increase from $13.2 billion in the same period in 2023. Net income for the quarter reached $20 billion, up from $10.6 billion the previous year.
“The holiday shopping season was the most successful yet for Amazon, and we appreciate the support of our customers, selling partners, and employees who helped make it so,” Andy Jassy, Amazon’s president and CEO, said in a statement.
He also highlighted advancements in Amazon’s technology and cloud services.
“When we look back on this quarter several years from now, I suspect what we’ll most remember is the remarkable innovation delivered across all of our businesses, none more so than in AWS,” he said.
Jassy pointed to developments such as the Trainium2 AI chip, Amazon Nova foundation models, and updates to Amazon Bedrock and SageMaker as key innovations that could benefit customers in the long run.
“These benefits are often realized by customers (and the business) several months down the road, but these are substantial enablers in this emerging technology environment, and we’re excited to see what customers build,” he said.
Amazon’s financial results reflect steady demand for its e-commerce services and cloud computing products, despite global economic uncertainties. The company continues to invest in technology to enhance its offerings and support long-term growth.