Amazon (AMZN) / Jeff Bezos

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not vested

Amazon.com, Inc. (AMZN) – Tuesday, April 30

The internet retail giant reported first-quarter earnings of $0.98 per share, topping analysts’ estimates for earnings of $0.83 per share.

Revenue rose 12.5% year-over-year to $143.31 billion, up from revenue of $142.55 billion last year.

Its cloud computing segment, Amazon Web Services (AWS), increased sales by 17% year-over-year to $25.0 billion.

Amazon has also been jockeying for position in the AI space as it races to launch new AI-powered services to businesses and individual users.

Company management said it expects spending to support the growth of AWS to “meaningfully” increase this year from nearly $50 billion in 2023.

AWS and NVIDIA extended their collaboration to make AWS the best place to run NVIDIA’s GPUs (graphics processing unit), which will help to unlock AWS’s AI capabilities.

And in March, Amazon increased its investment in the AI startup Anthropic by another $2.75 billion. That brings its investment a total of $4 billion.

Amazon also increased its revenue guidance for next quarter, projecting between $144 billion and $149 billion in revenue.

Shares of Amazon rallied more than 5% in the wake of the strong earnings results and positive revenue guidance.

Source: Investor Place

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