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Amazon.com (NASDAQ: AMZN)
Q4 2024 Earnings Call
Feb 06, 2025, 5:00 p.m. ET

Amazon Reports Strong Q4 2024 Earnings, Highlights Growth Areas

Agenda for Today’s Discussion

• Prepared Remarks
• Questions and Answers
• Call Participants

Opening Remarks

Operator

Thank you for joining us. Good day, everyone, and welcome to Amazon’s fourth quarter 2024 financial results teleconference. Currently, all participants are in a listen-only mode. Following the presentation, we will open the floor for questions.

This call is being recorded. For opening remarks, I will hand it over to Vice President of Investor Relations, Dave Fildes. Thank you, sir. Please go ahead.

David Fildes — Vice President, Investor Relations

Hello, and welcome to our Q4 2024 financial results conference call. Joining us today for questions are CEO Andy Jassy and CFO Brian Olsavsky. To better understand our discussion, please have our press release ready, which outlines our financial results, metrics, and insights for the quarter. Please note that unless stated otherwise, all comparisons are made against our results from the same quarter in 2023.

Our comments today represent management’s views as of February 6, 2025, and may contain forward-looking statements. Actual results could vary significantly. For details on factors that may influence our financial results, please refer to today’s press release and our SEC filings, including the most recent annual report on Form 10-K. We will also discuss certain non-GAAP financial measures during this call.

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Our press release, along with slides from this webcast and our SEC filings, provides additional details regarding non-GAAP measures, including reconciliations with GAAP measures. Current guidance takes into account order trends and assumptions about future performance. Factors influencing our results can include currency rate fluctuations, global economic conditions, customer demand, inflation, interest rates, and technological advancements, among others. Our guidance also assumes no significant business acquisitions, restructuring attempts, or legal settlements occur.

Predicting demand for our goods and services is challenging, thus actual results may differ from our projections. Now, I’ll pass the call to Andy.

Andrew R. Jassy — President and Chief Executive Officer

Thanks, Dave. Our total revenue for the quarter reached $187.8 billion, representing a 10% increase from last year. The currency fluctuations impacted our earnings more than expected, costing us around $700 million more than we had predicted. Without this effect, revenue would have risen by 11%, surpassing our highest projections.

Operating income grew by 61% year-over-year, reaching $21.2 billion. Our trailing twelve-month free cash flow, adjusted for equipment finance leases, was $36.2 billion, which is an increase of $700 million year-on-year. We are satisfied with our innovations, improvements in customer experience, and the results from 2024, with even more initiatives planned for 2025.

Regarding our stores, North America saw a 10% increase in revenue year-over-year, while the international segment (excluding foreign exchange impacts) grew by 9%. Our emphasis on variety, competitive pricing, and enhanced convenience allowed for unit growth that surpassed overall revenue gains. In 2024, we introduced significant brands to our platform including Clinique, Estee Lauder, Oura Rings, and Armani Beauty. Third-party sellers contributed to 61% of items sold, marking our highest annual mix ever.

We also launched Amazon Haul for U.S. customers in Q4, creating an attractive shopping experience that features ultra-low-priced products. It has started strong, indicating that customers continue to view Amazon as their go-to for competitive pricing.

During Q4, customers saved over $15 billion due to our attractive pricing and successful events like Prime Big Deal Days in October, Black Friday, and Cyber Monday. Profitero’s annual pricing study confirmed that entering the holiday season, Amazon maintained the lowest online prices in the U.S. for an eighth consecutive year, with prices averaging 14% lower than other major retailers.

Our delivery times have improved dramatically, with 2024 marking another record-setting year for Prime members. We expanded same-day delivery locations by over 60%, now reaching more than 140 metro areas.

In total, we successfully delivered over 9 billion units either the same or the next day across the globe. Our commitment to enhancing selection, pricing, and delivery speeds is significantly boosting Prime membership growth. For just $14.99 each month, Prime members receive unlimited shipping on 300 million items with same or one-day delivery options, access to exclusive shopping events like Prime Day, and a wide range of entertainment options including Prime Video and Amazon Music.

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Amazon’s Membership Benefits and Growing Revenue Streams Shine Bright

Amazon continues to expand its offerings, making its Prime membership more attractive with perks like free Grubhub Plus, discounted fuel, and competitive pricing compared to other services. In addition, there are exciting things planned for Prime members in 2025.

Focusing on Fulfillment and Cost Efficiency

Amazon has sharpened its focus on reducing costs in its fulfillment operations, which has significantly boosted operating income. The company has regionalized its U.S. network and introduced a redesigned inbound system that enhances inventory placement. This effort has resulted in a more than 40% year-over-year increase in the availability of ideal order units ahead of the Black Friday rush.

The company has optimized how many items it ships in each package, making delivery more convenient for customers while lowering costs. For the second consecutive year, Amazon has decreased its global cost to serve per unit, all while improving speed, safety, and variety. Looking ahead, there is potential for further cost reductions as the company refines inventory management, enhances its same-day delivery options, and expands automation.

Advertising Revenue Hits New Heights

Amazon’s advertising segment reported strong growth, generating $17.3 billion in revenue for the quarter, an 18% increase from the previous year. This translates to an impressive annual revenue run rate of $69 billion—more than double what it was just four years ago at $29 billion. Sponsored products continue to represent the largest segment of ad revenue, and opportunities for expansion remain ripe.

In the realm of streaming, Amazon has taken strides with its Prime Video advertisements, finding early success and heading into the current year with positive momentum. The company offers a full-funnel advertising approach, which allows brands to drive awareness at the top of the funnel, attract customers in the middle, and close sales at the bottom. This streamlined process has greatly benefited advertisers by providing access to valuable customer insights across various channels.

AWS Sustains Strong Growth with Future Development in Sight

Amazon Web Services (AWS) demonstrated robust growth in Q4, climbing 19% year over year, resulting in a $115 billion annualized revenue run rate. While AWS’s future growth may fluctuate due to varying factors, there remains considerable optimism about its potential as a backbone for future applications, particularly as generative AI gains traction.

Chips, the key components for AI model training and inference, are a major focus for AWS. Most AI computing has relied on NVIDIA chips, but Amazon has developed its own custom AI silicon, Trainium2, which offers 30% to 40% better price-performance than existing GPU-powered instances. This has attracted attention from notable companies like Adobe and Qualcomm, who have seen promising results from their early tests with Trainium2.

Additionally, AWS is partnering with Anthropic to create Project Rainier, a cluster featuring Trainium2 servers designed to vastly enhance generative AI capabilities. AWS also continues to innovate in model construction tools, notably through SageMaker AI, providing essential support for AI data management and model deployment. The introduction of new features has made SageMaker increasingly popular among developers.

With Amazon Bedrock, the comprehensive service that simplifies building high-performing AI applications, AWS stands out by offering some of the most promising foundation models available. The quick iterations and expanded choices with tools like Bedrock and SageMaker equip developers to thrive in the rapidly evolving AI landscape.

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Amazon Unveils Game-Changing Innovations at re:Invent

Exciting new features like prompt caching, intelligent prompt routing, and model distillation in Bedrock are driving down costs and latency for customers.

Bedrock, much like SageMaker AI, is gaining rapid popularity among customers. Additionally, Amazon has introduced its own line of frontier models, called Nova, within Bedrock. These models not only showcase advanced intelligence but also provide significantly lower latency and costs—around 75% less than other models in Bedrock. Key features of Nova include fine-tuning, model distillation, and integration with RAG knowledge bases, along with agentic capabilities. Thousands of AWS clients, such as Palantir, Deloitte, SAP, Dentsu, Fortinet, Trellix, and Robinhood, are already reaping benefits from Amazon Nova, marking just the beginning of our journey.

Moreover, at the top of the technology stack, Amazon Q stands out as the leading AI-powered assistant for software development. Remember the recent highlights where Q transformed operations, saving Amazon teams a remarkable $260 million and equating to 4,500 developer years in the migration of over 30,000 applications to new versions of the Java JDK? This showcases real value to businesses. Responding to customer demand, we’ve expanded Q’s capabilities to facilitate shifts from Windows.NET applications to Linux, VMware to EC2, thereby accelerating mainframe migrations. Preliminary feedback from early customers suggests that Q is set to transform what was once a multi-year mainframe migration into a task that takes a few quarters, reducing time by over 50%.

These transformations are significant and serve as valuable examples of practical AI in action. While AI emerges as a vital business driver, we’re also committed to modernizing the core technology infrastructure for companies moving from on-premises systems to the cloud. Recently, we’ve signed new AWS agreements with prominent companies such as Intuit, PayPal, Norwegian Cruise Line Holdings, Northrop Grumman, the Guardian Life Insurance Company of America, Reddit, Japan Airlines, Baker Hughes, the Hertz Corporation, Redfin, Chime Financial, Asana, and many more. Feedback from AWS re:Invent confirmed that our customers appreciate our rapid innovations not just in AI, but also in crucial infrastructure areas like storage, compute, database, and analytics.

Our functional leadership is continuously expanding. Customers are buzzing about several key launches: Amazon Aurora SQL, a new serverless distributed SQL database providing high availability and strong consistency while boasting four times faster reads and writes compared to other popular distributed SQL databases; Amazon S3 Tables, which offer fully managed support for Apache Iceberg, enhancing analytics speed; and Amazon S3 metadata, which simplifies data discovery with automatically generated queryable metadata. Lastly, the new version of Amazon SageMaker integrates all data analytics and AI services into a single interface, making analytics and AI more accessible at scale. As we approach the end of 2024, I want to recognize our teammates and partners for their impactful contributions this year.

This has been a successful year by nearly every measure. We’re not finished yet and look forward to continuing to serve our customers in 2025. Now, over to Brian for a financial update.

Brian T. Olsavsky — Senior Vice President, Chief Financial Officer

Thank you, Andy. Let’s start with our top-line financial performance. Our worldwide revenue reached $187.8 billion, marking an 11% increase year-over-year when excluding foreign exchange impact. This quarter faced approximately $900 million in foreign exchange headwinds, $700 million more than we had anticipated in our Q4 guidance range.

If we exclude that additional foreign exchange impact, our revenue would have surpassed the upper end of our guidance range. Our worldwide operating income hit $21.2 billion, our largest quarterly operating income yet, exceeding the high end of our guidance by $1.2 billion. Throughout all segments, we continued to innovate for customers while enhancing operational efficiency. Notably, fourth quarter revenue in the North America segment was $115.6 billion, reflecting a 10% year-over-year increase.

Meanwhile, the international segment generated revenue of $43.4 billion, rising 9% year-over-year excluding foreign exchange effects. Worldwide paid units grew by 11% year-over-year as our focus on low prices, extensive selection, and efficient shipping remains appealing to our customers. Moving on to profitability, North America’s segment operating income rose to $9.3 billion, an uptick of $2.8 billion year-over-year, resulting in an operating margin of 8%, which is 190 basis points higher than the previous year. The international segment enjoyed an operating income of $1.3 billion—up $1.7 billion year-over-year—with an operating margin of 3%, improving by 400 basis points year-over-year.

This marks the eighth consecutive quarter of year-over-year margin improvement in both North America and international segments. For the second consecutive year, we’ve also reduced our global cost to serve on a per-unit basis. During the fourth quarter, we experienced robust productivity within our transportation network due to better inventory placement, higher units per package, and shorter travel distances. Productivity enhancements also occurred in our fulfillment centers. Overall, our teams performed exceptionally well throughout the quarter, especially during peak seasons.

As we look ahead, opportunities remain to further decrease our costs through improved inventory placement, which will also enhance delivery speed to customers. In the U.S., we are optimizing our inbound network and growing our same-day delivery capabilities. Globally, we’re implementing automation and robotics into our processes. While these improvements will take time and may not occur in a straight line, we have a solid plan in place to refine our cost structure. Advertising continues to be a key element of profitability for both North America and international segments. This quarter saw significant growth in advertising revenue from an already robust base. We’ll continue investing in initiatives that promise long-term value for Amazon in sectors like Alexa, healthcare, grocery, and Kuiper, with the expected launches of our production satellites in the upcoming months.

To clarify, most costs associated with our satellite network development are currently expensed, but certain costs will be capitalized once the service achieves commercial viability, such as sales to customers. Moving on to our AWS segment, it recorded $28.8 billion in revenue, a 19% year-over-year increase.

AWS boasts an annualized revenue run rate of $115 billion. In the fourth quarter, we saw growth in both generative AI and conventional offerings, as businesses directed their focus towards new initiatives, brought more workloads to the cloud, and accelerated migrations from on-premise systems to the cloud to harness generative AI’s capabilities. Customers recognize that to fully benefit from generative AI, they must transition to the cloud. AWS reported operating income of $10.6 billion, an increase of $3.5 billion year-over-year.

This strong performance can be attributed to growth, innovation in software and infrastructure that enhances efficiency, and a continued commitment to cost control across the business.

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AWS Sees Margin Shifts and Capital Investments Amid Growing AI Demand

Amazon Web Services (AWS) expects its operating margins to shift periodically due to ongoing investments. In a significant update, the company has decided to increase the estimated useful life of their servers starting in 2024. This change is anticipated to boost AWS margins by approximately 200 basis points year-over-year during Q4.

Focusing on capital investments, AWS defines these as a mix of cash capital expenditures (capex) and equipment finance leases. In the fourth quarter, capital investments reached $26.3 billion, which is expected to reflect the investment rate for 2025. Similar to the previous year, this expenditure primarily aims to enhance technology infrastructure needs.

A key area of focus is AWS, particularly in response to growing demand for AI services, along with investments to advance infrastructure supporting North American and international segments. The company continues to enhance its fulfillment and transportation network, including same-day delivery facilities and improvements in robotics and automation, to boost delivery speeds and reduce operational costs.

Looking ahead to revenue expectations for Q1, AWS forecasts net sales between $151 billion and $155.5 billion. A couple of factors will significantly influence this guidance. First, fluctuations in foreign exchange rates could present a hurdle of roughly $2.1 billion, translating to approximately 150 basis points of impact year-over-year. Historically, such currency shifts have affected performance, similar to previous quarters.

Additionally, AWS is adjusting for last year’s leap year, which added about $1.5 billion in sales for Q1 2024, equating to a 120 basis point impact on year-over-year growth across all business segments. Q1 operating income is projected to fall between $14 billion and $18 billion.

This guidance accounts for recent changes in the useful life estimates for fixed assets. More specifically, a recent study observed that rapid advancements in technology, especially artificial intelligence and machine learning, warranted adjusting the useful life of certain servers and network equipment from six years to five. This change is expected to reduce operating income for the full year 2025 by around $700 million.

Moreover, AWS anticipates incurring an estimated $920 million expense due to the early retirement of some servers and equipment, which is projected to decrease full-year 2025 operating income by an additional $600 million. Notably, these adjustments mainly impact the AWS segment. Conversely, AWS also discovered a need to extend the useful life of specific heavy equipment used in fulfillment centers from 10 years to 13 years, which should benefit 2025 operating income by approximately $900 million.

As AWS prepares for the upcoming year, the company’s leadership expresses confidence in the groundwork laid for future growth and improved customer experiences, reinforcing its commitment to delivering lasting value for shareholders.

With that, let’s move to your questions.

Questions & Answers:

Operator

We will now open the call for questions. Please limit yourself to one question. [Operator instructions] Thank you.

Our first question comes from Mark Mahaney with Evercore ISI. Please proceed.

Mark Mahaney — Analyst

Thank you. Two quick questions: Brian, should we be anticipating around $100 billion in capex for 2025? And Andy, would you say that AWS growth might be currently limited by supply constraints? Are those challenges present across the industry, or is it primarily affecting AWS right now? Thank you.

Andrew R. Jassy — President and Chief Executive Officer

I’ll address both points. Following up on the capex, as Brian noted, we recorded $26.3 billion in capex for Q4. This amount is a fair representation of what you might expect going forward into 2025. Most of these expenditures are focused on AI development within AWS.

The nature of the AWS business means that higher growth drives higher capital investments, as we must order data center resources, hardware, and networking components before we can capitalize on sales. We carefully monitor demand signals before making these purchases. The substantial capex for this AI opportunity indicates a robust outlook for AWS in the medium and long term, given the transformative potential of AI.

We’re also channeling funds into our retail business to enhance delivery efficiencies and customer service. For example, you will see an increase in same-day delivery sites and delivery stations in rural areas, plus significant investments in robotics and automation to drive productivity.

Regarding the second question on AWS growth and supply constraints, our situation is mixed. Despite boasting a sizable annualized revenue from AI, its growth may be affected due to certain capacity constraints. Specifically, delays in obtaining chips from suppliers and challenges with launching our new proprietary hardware, such as Trainium2, could be holding back growth rates.

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Amazon’s Future Growth Amid Supply Chain Challenges

Investment in AI and Logistics Key to Overcoming Constraints

As Amazon continues to navigate supply chain challenges, particularly with power constraints and motherboard shortages, the company remains committed to growing its capacity to better serve customers. The team has made strides in managing these obstacles to facilitate growth, yet there is potential for even faster expansion.

Growth has been steady, but forecasts suggest that many constraints may begin to ease in the second half of 2025. This environment, while challenging, indicates a promising outlook for Amazon’s trajectory.

Operator

Our next inquiry comes from Eric Sheridan at Goldman Sachs. Please proceed.

Eric Sheridan — Analyst

Thank you for the opportunity. Andy, considering the recent developments in China and the aim to lower costs in AI, could you elaborate on your thoughts regarding capital expenditures for 2025? Specifically, how do you see the shift towards open-source solutions and custom silicon impacting deployment speed and returns for AI investments?

Andrew R. Jassy — President and Chief Executive Officer

I appreciate the multi-faceted question. We share the industry’s excitement about DeepSeek’s innovations, especially their clever approaches in training techniques. Their emphasis on reinforcement learning without a human in the loop has intrigued us, as have their optimizations for inference. Within the frontier model development community, collaboration and learning between competitors are prominent and will undoubtedly lead to further innovations.

At AWS, we recognize the diverse needs of our customers. Different generative AI applications will require various model types, and we aim to provide a wide selection. Our Amazon Bedrock service was designed for this purpose, allowing flexibility in clients’ choices. Rapid integration of DeepSeek into both Bedrock and SageMaker positions us competitively in the market.

Interestingly, a common misconception arises regarding cost reductions in technology. Historically, when companies reduce component costs, they often increase overall spending as new possibilities emerge. Amazon Web Services launched its offerings in 2006, well-known for initially low prices. While more cost-effective per unit now, the demand for technology escalated overall expenditures. I anticipate this trend will apply to AI as well, with inference costs decreasing and technology integration becoming more accessible for businesses.

Moreover, our commitment to supporting customers’ successes is steadfast. Lower inference costs are expected to benefit both our clients and Amazon.

Operator

The next question will be posed by Doug Anmuth at J.P. Morgan. Please go ahead.

Doug Anmuth — Analyst

Thank you for the opportunity. I’d like to discuss AWS margins, which have fluctuated within the mid-20s to high-30s in the last couple of years. What does a normalized margin look like going forward, especially with your significant investments in generative AI? Additionally, can you address potential impacts from reduced volume shipments through UPS and promote your shipping management abilities?

Brian T. Olsavsky — Senior Vice President, Chief Financial Officer

Thanks, Doug. AWS has indeed experienced various changes in operating margins, and it’s important to note that these fluctuations are expected as we grow.

Initially, investment in AI poses lower margins and requires substantial resources. While this presents a short-term challenge to margins, we believe they will stabilize and align with non-AI sectors in the long run. We are confident in our AWS growth strategy and our dedication to achieving operational efficiencies across our data centers, which will aid our performance.

Andrew R. Jassy — President and Chief Executive Officer

I’ll address your inquiry regarding UPS. UPS has been a trusted partner for many years, and we foresee a continued partnership. However, as we adapted during the pandemic, we increasingly turned to our logistics network for many shipments.

While UPS has stepped back from some agreements with us, we have strengthened our own shipping capabilities to compensate. The pandemic’s urgency to expand our operations accelerated this shift and we remain equipped to handle the evolving landscape.

Operator

The next question will come from Brian Nowak at Morgan Stanley. Please proceed.

Brian Nowak — Analyst

Thanks for your time. Andy, could you provide additional information on the advancements in robotics that…

Amazon CEO Discusses Robotics and AI Innovations Shaping Future Retail

Andrew R. Jassy — President and Chief Executive Officer

In recent years, Amazon has made significant strides in integrating robotics into its fulfillment network. This push has resulted in notable cost savings, enhanced productivity, and improved safety across operations. With these advancements, Jassy expressed optimism about the current robotics initiatives being implemented in Shreveport. The company is seeing positive outcomes in speed and productivity, which they now aim to replicate in other facilities.

Robotics have proven to be valuable assets within the company’s logistics framework. Early experiments have already demonstrated considerable productivity gains and reduced costs for services. Planning is underway to expand these innovations into new and existing facilities, which suggests a long-term commitment to enhancing operational efficiency via robotics.

The ongoing exploration into robotics represents only the beginning of Amazon’s ambitions in this area. Jassy hinted at additional initiatives on the horizon, reflecting a belief that countless processes can still be optimized through robotics. This multi-year effort aims to transform the entire fulfillment network, indicating a sustained focus on leveraging technology for better service delivery.

When discussing artificial intelligence, particularly in the retail sector, Jassy categorized the applications into two major areas: productivity improvements and the creation of new experiences. Generative AI stands at the forefront of these efforts, showing tangible benefits in areas such as customer service. The newly architected AI-powered chatbot has notably increased customer satisfaction by 500 basis points.

Additionally, Amazon has launched a generative AI application to aid third-party sellers, streamlining the product detail page creation process. This innovation simplifies the process, allowing sellers to input minimal information while the AI fills in the gaps, enhancing the user experience for vendors on the marketplace. Improvements have also been recorded in inventory management, yielding a 10% boost in forecasting accuracy and a 20% enhancement in regional predictions.

Such uses of generative AI are not confined to logistics; they permeate customer-facing applications as well. Jassy cited applications like Rufus, the AI shopping assistant, and Amazon Lens, a tool that identifies products through images, among others. These advancements signal a move toward creating a more personalized and efficient shopping experience for consumers.

Moreover, Amazon’s foray into sports broadcasting has employed generative AI to offer predictive features for viewers during events like Thursday Night Football. This illustrates how the company is integrating AI across various aspects of its business, with approximately 1,000 generative AI applications currently in development.

Operator

Next, we will hear from John Blackledge at TD Cowen.

John Blackledge — Analyst

Thank you. Could you elaborate on the current speed of delivery and its impact on everyday essentials purchases? Additionally, what inbound network efficiencies can we expect this year as you continue to focus on reducing service costs?

Andrew R. Jassy — President and Chief Executive Officer

Speed of delivery is a critical metric for us. We closely monitor how faster delivery options impact conversion rates and subsequent purchasing behavior throughout the year. Luckily, we’ve yet to see any diminishing returns from our efforts to improve delivery speeds.

While some customers still prefer scheduled deliveries for convenience and sustainability reasons, faster shipping continues to drive higher purchase frequencies. This increase in customer engagement suggests a direct correlation between delivery speed and overall sales—particularly in everyday essentials. Projects like Prime Air promise even faster delivery in the future by utilizing innovative solutions, ensuring customers receive their orders quickly and efficiently.

Amazon Focuses on Speed and AI Innovations to Enhance Customer Experience

Same-Day Delivery is Changing Consumer Habits

Providing same-day delivery for everyday essentials has significantly impacted Amazon’s pharmacy business and the purchasing habits of consumers. Customers now utilize Amazon more frequently for quick needs, highlighting the importance of timely service.

Network Improvements Leading to Increased Efficiency

In recent months, Amazon has made notable architectural changes to its inbound network, aiming to enhance operational efficiency. Significant upgrades have already started to produce early efficiencies, but fine-tuning will be essential in the coming months to maximize benefits across the expansive network. It is anticipated that cost reductions in service will be ongoing throughout this year.

AI Tools Like Rufus are Transforming E-Commerce Discovery

Michael Morton from MoffettNathanson raised concerns about the potential disruption caused by AI in the e-commerce sector. In response, CEO Andrew R. Jassy emphasized that retailers will adapt to using agents and assistants to improve customer interactions. Rufus, Amazon’s AI tool, is already proving to be beneficial for customers seeking quick product information or summaries of reviews, making the shopping experience smoother. As the personalization of Rufus continues to evolve, its role in guiding customers through the buying process is expected to grow significantly by 2025.

Closing Thoughts and Future Expectations

David Fildes, Vice President of Investor Relations, wrapped up the call, thanking participants and mentioning that a replay would be available on Amazon’s investor relations website for the next three months. This follow-up serves to keep stakeholders informed and engaged as Amazon continues to refine its offerings.

Call participants:

David Fildes — Vice President, Investor Relations

Andrew R. Jassy — President and Chief Executive Officer

Brian T. Olsavsky — Senior Vice President, Chief Financial Officer

Mark Mahaney — Analyst

Eric Sheridan — Analyst

Doug Anmuth — Analyst

Brian Nowak — Analyst

John Blackledge — Analyst

Michael Morton — Analyst

Disclaimer: This article is a transcript of a financial conference call produced for The Motley Fool. It may contain errors or inaccuracies. The Motley Fool does not assume responsibility for the content and encourages readers to conduct their own research, including reviewing SEC filings. Please see our Terms and Conditions for additional details.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool holds positions in and recommends Amazon. The Motley Fool has a disclosure policy.

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