Published , by Morgan Shaver
Published , by Morgan Shaver
Amazon (AMZN) shared its earnings report for Q1 2023, and included in the details is information showing that AWS segment sales increased 16 percent year-over-year to $21.4 billion. Additionally, AWS segment operating income was reported at $5.1 billion compared to operating income of $6.5 billion seen during Q1 2022.
Touching upon this in the report, Amazon remarked that its advertising business has continued to “deliver robust growth, largely due to our ongoing machine learning investments” before digging deeper into how it likes “the fundamentals we’re seeing in AWS” and believe there to be “much growth ahead.”
Amazon mentions in its report that it announced new AWS tools that specifically make building with generative artificial intelligence (AI) easier, more practical, and cost effective. For example, tools like Amazon Bedrock which enables customers to build and scale enterprise ready generative AI applications.
In addition to growth with AWS and forward movement in the area of generative AI, Amazon beat on revenue and EPS expectations. Amazon’s revenue for Q1 2023 was reported at $127.4 billion compared to expectations of $125 billion, with EPS at $0.31 per share, well above previous estimates of $0.21.
For more on Amazon’s growth in AWS segment sales, and other performance metrics, be sure to read through the full Q1 2023 report. Also catch up with some of our previous coverage, including how Amazon’s (AMZN) Q1 2023 earnings results beat revenue and EPS expectations.