Amazon.com, Inc. reported significant financial growth in its latest 10-Q filing for the third quarter and nine months ended September 30, 2024. The company achieved net income of $15,328 million for Q3 2024, a substantial increase from $9,879 million in Q3 2023. For the nine-month period, net income rose to $39,244 million from $19,801 million in the previous year. This growth reflects a robust performance across its business segments, particularly in North America and Amazon Web Services (AWS).
Total net sales for Q3 2024 reached $158,877 million, an 11% increase from $143,083 million in Q3 2023. For the nine months ended September 30, 2024, net sales were $450,167 million, also up 11% from $404,824 million in the same period of 2023. The North America segment contributed significantly, with Q3 sales of $95,537 million, up from $87,887 million, and nine-month sales of $271,911 million, compared to $247,314 million. AWS sales increased by 19% in Q3 2024 to $27,452 million, and by 18% for the nine months to $78,770 million.
Operating income for Q3 2024 was $17,411 million, up from $11,188 million in Q3 2023, while for the nine months, it rose to $47,390 million from $23,643 million. The increase in operating income is attributed to higher unit sales and advertising revenues, despite rising fulfillment and shipping costs.
The company also reported a significant increase in cash flow, with net cash provided by operating activities for the trailing twelve months ending September 30, 2024, amounting to $112,706 million, compared to $71,654 million for the same period in 2023. Free cash flow surged to $47,747 million from $21,434 million year-over-year.
Strategically, Amazon made notable investments, including a $2.75 billion convertible note in Anthropic in Q1 2024, and completed the acquisition of 1Life Healthcare, Inc. (One Medical) in 2023. The company is also navigating various legal challenges, including a patent infringement case resulting in a $525 million judgment against it, and ongoing antitrust investigations by the Federal Trade Commission and state attorneys general.
As of September 30, 2024, Amazon's total assets increased to $584,626 million from $527,854 million at the end of 2023, with total stockholders’ equity rising to $259,151 million from $201,875 million. The company continues to maintain a strong liquidity position, with cash, cash equivalents, and marketable securities totaling $88.1 billion.
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