Amazon’s net income doubles in second quarter

Amazon’s net income doubled in the second quarter, thanks to a pre-tax valuation gain and higher sales both in the US and international markets.

The e-commerce giant’s net income stood at US$13.49 billion (A$20.8 billion), which included a pre-tax valuation gain of $400 million ($616 million) in non-operating income (expense) from the common stock investment in Rivian Automotive.

The company’s net sales rose 10 per cent to $148 billion ($228 billion) as North America segment sales increased 9 per cent to $90 billion ($139 billion) and international segment sales jumped 7 per cent to $31.7 billion ($48.8 billion).

AWS segment sales soared 19 per cent to $26.3 billion ($40.5 billion). 

“As companies continue to modernise 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…,” said Amazon president and CEO Andy Jassy.

The company forecasts net sales to grow between 8 per cent and 11 per cent to $154 billion to $158.5 billion.

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