Amazon reported $148 billion in revenue for the second quarter of 2024 ended June 30, up 10% from $134.4 billion during the same period last year, according to its Aug. 1 financial report.
News of the tech giant's strong second quarter comes after leaked draft documents from December revealed that Amazon's healthcare businesses were set to lose more than $1 billion this year after a nearly $1.3 billion loss in 2023.
On July 30, an Amazon spokesperson told Becker's that Amazon Health Services is seeing "strong progress" to "drive growth, build a sustainable cost structure, and most importantly, make quality healthcare better, easier, more accessible, and more transparent for patients."
Here are four findings from the report:
1. Amazon's net income increased to $13.5 billion in the second quarter of 2024, up from $6.7 billion during the second quarter of 2023.
2. Amazon saw an operating income of $14.7 billion in the second quarter, an increase from $7.7 billion during the same period last year.
3. Operating cash flow for Amazon was $108 billion for the previous 12 months, a 75% increase from the second quarter of 2023.
4. "We're continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in AWS [Amazon Web Services] growth," Andy Jassy, Amazon President & CEO. “As companies continue to modernize 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, and AI capabilities like SageMaker for model builders, Bedrock for those leveraging frontier models, Trainium for those where the cost of compute for training and inference matters, and Q for those wanting the most capable GenAI assistant for not just coding, but also software development and business integration."