Amazon Q2: We continued lowering our cost to serve in our fulfillment network

Amazon Q2: We continued lowering our cost to serve in our fulfillment network
  • Net sales increased 11% to $134.4 billion in the second quarter, compared with $121.2 billion in second quarter 2022. Excluding the $0.3 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with second quarter 2022.
    • North America segment sales increased 11% year-over-year to $82.5 billion.
    • International segment sales increased 10% year-over-year to $29.7 billion.
    • AWS segment sales increased 12% year-over-year to $22.1 billion.
  • Operating income increased to $7.7 billion in the second quarter, compared with $3.3 billion in second quarter 2022.
    • North America segment operating income was $3.2 billion, compared with an operating loss of $0.6 billion in second quarter 2022.
    • International segment operating loss was $0.9 billion, compared with an operating loss of $1.8 billion in second quarter 2022.
    • AWS segment operating income was $5.4 billion, compared with operating income of $5.7 billion in second quarter 2022.
  • Net income was $6.7 billion in the second quarter, or $0.65 per diluted share, compared with a net loss of $2.0 billion, or $0.20 per diluted share, in second quarter 2022.
    • Second quarter 2023 net income includes a pre-tax valuation gain of $0.2 billion included in non-operating expense from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation loss of $3.9 billion from the investment in second quarter 2022.
  • Operating cash flow increased 74% to $61.8 billion for the trailing twelve months, compared with $35.6 billion for the trailing twelve months ended June 30, 2022.
  • Free cash flow improved to an inflow of $7.9 billion for the trailing twelve months, compared with an outflow of $23.5 billion for the trailing twelve months ended June 30, 2022.
  • Free cash flow less principal repayments of finance leases and financing obligations improved to an inflow of $1.9 billion for the trailing twelve months, compared with an outflow of $33.5 billion for the trailing twelve months ended June 30, 2022.
  • Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations improved to an inflow of $6.7 billion for the trailing twelve months, compared with an outflow of $26.1 billion for the trailing twelve months ended June 30, 2022.

“It was another strong quarter of progress for Amazon,” said Andy Jassy, Amazon CEO. “We continued lowering our cost to serve in our fulfillment network, while also providing Prime customers with the fastest delivery speeds we’ve ever recorded. Our AWS growth stabilized as customers started shifting from cost optimization to new workload deployment. We remain excited about what lies ahead for customers and the company.”

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