Archive · 31 Jul 2026
Amazon Shares Surge 9% on Strong Q2 Earnings and Higher Capex
Amazon made a lot of money in the second quarter of 2024, earning $200.61 billion, which is more than people expected.
Its cloud business, AWS, grew a lot—37%—which is the fastest growth in many years.
Because of this success, the company said it will spend more money next year, up to $220 billion, to keep up with demand for artificial intelligence.
Even though the company made a lot of money, it spent so much that it had a negative cash flow of $7.6 billion for the quarter.
The CEO, Andy Jassy, said that the demand for Amazon’s services in 2028 is very strong, showing that the company expects to keep growing for many years.
Amazon shares rose 9.3% in extended trading after Q2 2024 earnings beat estimates.
AWS grew 37% YoY, the fastest since 2021, exceeding Wall Street’s 31% forecast.
CEO Andy Jassy raised the 2024 capex forecast to $220 billion, citing high memory‑chip prices and AI demand.
Free cash flow turned negative at $7.6 billion, down from $18.2 billion a year earlier.
Jassy described 2028 demand as "striking," indicating long‑term growth expectations.
- Who
- Amazon.com Inc. and CEO Andy Jassy
- What
- Q2 2024 earnings beat expectations, shares jumped, capex forecast raised
- When
- July 30 2024
- Where
- Amazon’s earnings call and extended trading session
- Why
- Strong revenue, AWS growth, AI demand, and rising memory‑chip costs
- Revenue
- $200.61 billion
- EPS
- $5.75
- AWS Growth
- 37% YoY
- Capex Forecast
- $220 billion
- Free Cash Flow
- -$7.6 billion