North America and AWS led the way, while international markets contributed with a notable 12% increase in sales / Credit: Piotr Swat via Shutterstock

Amazon’s third-quarter 2024 results reveal a year-over-year net sales increase of 11%, reaching $158.9 billion.

The e-commerce and technology giant highlighted growth across all regions and sectors, particularly in its North American and Amazon Web Services (AWS) segments.

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North American sales climbed 9% to $95.5 billion, while international sales rose by 12% to $35.9 billion. AWS, Amazon’s cloud computing arm, saw the highest increase among segments, up 19% to $27.5 billion.

Rise in operating income reflects growth across segments

Amazon’s operating income for the quarter grew significantly, standing at $17.4 billion, compared to $11.2 billion for the same period last year.

This increase included a notable improvement in the international segment, which reported an operating income of $1.3 billion, a turnaround from the previous year’s $0.1 billion loss.

North America saw a rise to $5.7 billion from last year’s $4.3 billion, while AWS contributed $10.4 billion, reflecting strong demand for Amazon’s cloud services and a year-over-year improvement from $7.0 billion.

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The company’s net income for the third quarter stood at $15.3 billion, translating to $1.43 per diluted share. This figure marks an increase from $9.9 billion, or $0.94 per share, in the same period last year.

Cash flow and free cash flow see notable increase

In terms of cash flow, Amazon reported a trailing twelve-month operating cash flow increase of 57%, reaching $112.7 billion. Free cash flow also showed significant growth, at $47.7 billion over the past twelve months, compared to $21.4 billion the previous year.

Free cash flow adjusted for principal repayments of finance leases rose to $44.9 billion, while free cash flow adjusted for equipment finance leases reached $46.1 billion, both indicators of the company’s improved cash generation ability over the past year.

New initiatives and developments

Amazon introduced several initiatives and product enhancements during the quarter, reflecting its continued focus on expansion and technological advancement.

The company launched generative AI tools, including shopping assistants and personalised shopping guides, as well as new cloud capabilities in AWS to support business clients.

New services were introduced in the Prime membership programme, such as fuel discounts and expanded pharmacy services, and the company increased its presence in the UK with an £8 billion AWS investment plan over five years.

Amazon also recently announced the elimination of plastic air pillows from all fulfilment centres globally, focusing on reducing environmental impact by substituting plastic with recycled paper fillers.