Amazon.com, Inc. (AMZN) reported its second-quarter earnings on August 1, 2023, revealing a revenue of $200.6 billion, a 20% year-over-year increase, and surpassing the Zacks Consensus Estimate of $197.1 billion. The company achieved earnings of $1.88 per share, exceeding expectations of $1.83, with operating income rising 43% to $27.5 billion.
CEO Andrew Jassy highlighted that AWS revenue growth accelerated for the fifth consecutive quarter, reaching 36.7% year-over-year. AWS now boasts a $169 billion annualized revenue run rate and a $496 billion backlog, reflecting strong demand, particularly in artificial intelligence (AI) workloads, which are driving cloud adoption. Amazon increased its cash capital expenditures forecast for 2026 to approximately $220 billion, partly due to rising memory costs.
Amazon anticipates third-quarter revenue between $197 billion and $202 billion and operating income from $22.5 billion to $26.5 billion. The company reported trailing 12-month free cash flow of negative $7.6 billion, attributed to escalated investments in AI infrastructure.
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