Table of Contents
a. Key Points
AWS acceleration continues.
Fastest unit growth for the e-commerce business in 4 years.
Record quarterly EBIT margin.
Maintained CapEx guidance.
b. Demand
Beat revenue estimate by 2.4% & beat guidance by 3%.
Beat AWS revenue estimate by 2.4%.
Beat ad revenue estimate by 1.8%.
c. Profits
Beat EBIT estimate by 15.5% & beat guide by 12.6%.
Beat EPS estimate by about $0.12 ex-Anthropic gains.
*Net income margin excluding this help would have been 7.4%.* The 16.7% result below got a ton of Anthropic help.
d. Balance Sheet
$143B in cash & equivalents.
$119.1B in debt.
0.8% Y/Y dilution.
e. Guidance & Valuation
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