However, the company's forecast for the current quarter ending in June is between $144.0 billion and $149.0 billion, lower than the consensus expectation of $150.07 billion. Despite cutting at least 27,000 jobs last year, Amazon ended the quarter with 1.52 million employees, up by 56,000 from a year earlier. Unlike its rivals Alphabet and Meta Platforms, Amazon did not announce a dividend. Its shares have climbed about 15% in 2024, outperforming the S&P 500's gain of about 6%.
Key takeaways:
- Amazon's Q1 sales increased 13% to $143.3 billion, beating expectations, and net income more than tripled to $10.4 billion.
- Despite a lower-than-expected revenue forecast for the current quarter, Amazon's shares climbed almost 3% in extended trade.
- Amazon Web Services posted a 17% rise in revenue to $25.0 billion in the first quarter, with CEO Andy Jassy stating that AWS is on pace to achieve $100 billion in annual sales.
- Amazon remains one of the only major tech stocks, along with Tesla, that does not offer dividends, despite a recent trend among other Big Tech companies.