Today Amazon announced their 2nd quarter 2023 earnings that saw sales grow 11% during the quarter. Revenue hit $134.4 billion as Amazon seems very pleased with its 2nd quarter numbers. Amazon also saw its advertising business hit $10.4 billion a 22% year-over-year growth.
“It was another strong quarter of progress for Amazon,” said Andy Jassy, Amazon CEO. “We continued lowering our cost to serve in our fulfillment network, while also providing Prime customers with the fastest delivery speeds we’ve ever recorded. Our AWS growth stabilized as customers started shifting from cost optimization to new workload deployment, and AWS has continued to add to its meaningful leadership position in the cloud with a slew of generative AI releases that make it much easier and more cost-effective for companies to train and run models (Trainium and Inferentia chips), customize Large Language Models to build generative AI applications and agents (Bedrock), and write code much more efficiently with CodeWhisperer. We’re also continuing to see strong demand for our advertising services as the team keeps innovating for brands, including the ramp up for Thursday Night Football with the ability for advertisers to tailor their spots by audience and create interactive experiences for consumers. We remain excited about what lies ahead for customers and the company.”
Amazon subscriptions grew to $9.894 billion a 14% jump year-over-year.
Here are some highlights of Amazon’s Prime Video service announced today:
- Premiered AIR, which launched in more theaters worldwide than any previous Amazon Original film. The film subsequently debuted on Prime Videoand ranked No. 3 on Nielsen’s Streaming Top 10 list during the first three days of its release. The company also premiered additional Amazon Original films and series including the final seasons of Tom Clancy’s Jack Ryanand Emmy-winning The Marvelous Mrs. Maisel;the global spy thrillerCitadel, whichwas the No. 1 title on Prime Video in nearly 200 countries and territories during its premiere weekend;andEmmy-nominated Jury Duty, whichwas the No. 1 title on Freevee during the month it premiered and delivered the highest number of viewers in the U.S. on Freevee in a single month.
- Earned 68 Primetime Emmy Award nominations, including three nominations in the Outstanding Comedy Series category for Prime Video’s The Marvelous Mrs. Maisel, Freevee’s Jury Duty, and MGM’s Wednesday. Jury Duty became the first advertising-based video-on-demand series nominated in a major Emmy category, while The Marvelous Mrs. Maisel became the most nominated streaming comedy in Emmy history with 80 nominations over its five seasons. Daisy Jones & The Six also earned nine nominations and The Lord of the Rings: The Rings of Powerearned six nominations.
- Grew Prime Video’s international slate of content with more than 40 new local Amazon Originals and live sporting events. Medellín (France) and My Fault(Spain)became the most watched non-English-language local Original titles in Prime Video history outside of their home territories. New global programming also included Deadloch(Australia), Caravana das Drags(Brazil),The Gryphon (Germany), Dahaad (India),Takeshi’s Castle(Japan),De Viaje con los DerbezSeason Three(Mexico),and Gangs of Lagos(Nigeria).
- Launched Amazon MGM Studios Distribution to license Amazon Original and MGM library content to third parties after debuting on Prime Video. This will include movies and TV series, such as Coming 2 America and The Marvelous Mrs. Maisel, among others. Titles available cover a variety of highly marketable formats and genres with distribution rights available.
Overall it was a strong quarter but Amazon later today Amazon will have its quarterly earnings call and we will have full coverage of anything that is announced.