AI boom: Amazon said revenue hit £115bn in first three months of 2024
Amazon made sales worth £1.25bn a day at the start of the year, capitalizing on demand for artificial intelligence technology.
The company said revenue hit £115 billion in the first three months of 2024. That was a 13 percent increase from the first quarter of last year and a record for the period. Profits rose to £8.3bn from £2.6bn a year earlier.
It has focused its AI efforts on the AWS cloud business, including security investment and research startup Anthropic.
AWS sales rose 17 per cent year-on-year to £20bn, matching strong increases in Microsoft and Alphabet’s cloud divisions.
Amazon CEO Andy Jassy said: “It was a good start to the year across the business, and that can be seen in both the improvements in the customer experience and the financial results.”
Amazon has been in fierce competition with companies like Meta, Alphabet and Microsoft to invest money in artificial intelligence.
Jassy has previously said that its generative AI services could generate tens of billions of dollars in revenue in the coming years.
The rise in sales in the first quarter follows a jump to £451 billion in 2023 from £403 billion in 2022.