Amazon reported first-quarter revenue of $181.5 billion, surpassing Wall Street expectations with a 17% year-over-year increase. CEO Andy Jassy highlighted the success of Project Hail Mary, which has earned nearly $615 million at the box office to date. Amazon Web Services revenue reached $37.6 billion, up 28%.
Amazon announced its March quarter results on Wednesday, with net income rising to $30 billion from $17 billion a year earlier. The gain included a $16.8 billion pre-tax benefit from investments in Anthropic, pushing earnings per share to $2.78 from $1.59. Free cash flow for the trailing 12 months fell to $1.2 billion amid heavy investments in artificial intelligence data centers, Jassy said in the earnings release. Amazon shares dropped 4% in after-hours trading despite the strong results. Amazon Web Services posted its fastest growth in 15 quarters at 28%, while the chips business exceeded a $20 billion annual revenue run rate with triple-digit growth. Advertising revenue topped $70 billion over the trailing 12 months, and store unit growth hit 15%, the highest since the end of Covid lockdowns, according to Jassy. Jassy cited additional milestones, including over 1 billion same-day or overnight deliveries in 2026 so far and Project Hail Mary as the second most successful non-sequel, non-franchise opening recently. He also noted Amazon Leo's adoption by Delta Airlines. 'We’re making customers’ lives easier and better every day across all our businesses, and their response is driving significant growth,' Jassy said. 'We’re in the middle of some of the biggest inflections of our lifetime, we’re well positioned to lead, and I’m very optimistic about what’s ahead for our customers and Amazon.' Executives will discuss the results further on a conference call Thursday at 5:30 p.m. ET.
