Amazon.com, Inc. · AMZN · FY2024 Q2 · Calendar Q3 2024

Amazon Q2 2024: AWS momentum offsets investment pressures

Amazon’s Q2 2024 results support a constructive view of demand, led by AWS migration and generative AI adoption, but the investment case remains dependent on sustaining AWS profitability while funding infrastructure and other expansion initiatives.

Reported After market closeNASDAQConsumer Cyclical $2696.57B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.26 Consensus $1.03
EPS surprise +22.3% Reported versus consensus
Reported revenue $147.98B Consensus $148.67B
Revenue surprise -0.5% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -8.8% Event window
SPY move -1.9% Same window
Abnormal move -6.9% Stock minus SPY
Volume 3.5× Versus trailing sessions
Subsequent drift +6.3% Up to 20 sessions
AMZNSPY benchmark

Ask FN2 about AMZN FY2024 Q2

Transcript, numbers and history already loaded
Why did AMZN fall 8.8% after beating EPS estimates in FY2024 Q2?What changed in AMZN's guidance and outlook in FY2024 Q2?Give me the bull and bear case for AMZN after FY2024 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, AWS growth accelerated from 17% to 18.8% year over year, while the current analysis added emphasis on custom silicon, early multi-billion-dollar AI revenue run-rate, Project Kuiper distribution, and the continuing trade-off between growth investment and near-term profitability.

Guidance delta

Guidance sentiment was maintained; management continued to emphasize investment in AI, advertising, and other growth initiatives.

Key takeaways

  • AWS growth accelerated to 18.8% year over year, supported by cloud migration, cost optimization, and generative AI services.
  • Management highlighted custom silicon, advertising, Prime Video, and Project Kuiper as additional growth areas.
  • Cost-to-serve improvements supported retail performance, while FX, stock-based compensation, AI infrastructure spending, and Kuiper investments remain pressure points.

Management priorities

  • Expand AWS generative AI services, including Bedrock, SageMaker, and Amazon Q.
  • Continue developing Trainium and Inferentia custom silicon and add foundation models to Bedrock.
  • Advance Project Kuiper, pharmacy delivery, Prime Video content, and advertising.
  • Continue regionalization and cost-to-serve improvements across retail operations.

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Earnings History

Estimate Beat Miss Match
AMZN EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $0.80 Q4 '23 actual $1.00, beat Q1 '24 estimate $0.83 Q1 '24 actual $0.98, beat Q2 '24 estimate $1.03 Q2 '24 actual $1.26, beat Q3 '24 estimate $1.14 Q3 '24 actual $1.43, beat Q2 '25 estimate $1.31 Q2 '25 actual $1.68, beat Q3 '25 estimate $1.57 Q3 '25 actual $1.95, beat Q4 '25 estimate $1.97 Q4 '25 actual $1.95, miss Q1 '26 estimate $1.63 Q1 '26 actual $2.78, beat Q2 '26 estimate $1.82 Q2 '26 actual $5.75, beat Q3 '26 estimate $1.96 Q4 '26 estimate $2.41 Q1 '27 estimate $2.33
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Analyst Consensus ?

ConsensusBuy91 ratings
Bullish8391.2%
Neutral77.7%
Bearish11.1%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$250Current
$1Low
$250.33Average
$390High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainOct 12, 2026
Cantor Fitzgerald Overweight OverweightMaintainOct 12, 2026
Tigress Financial Buy BuyMaintainOct 6, 2026
TD Cowen Buy BuyMaintainOct 5, 2026
Rosenblatt Buy BuyMaintainSep 30, 2026
Show 87 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $250. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoKen Gawrelski$329$262.43 +31.6%Oct 12, 2026
Tigress FinancialIvan Feinseth$385$255.36 +54.0%Oct 6, 2026
Rosenblatt SecuritiesScott Devitt$360$246.67 +44.0%Sep 30, 2026
UBSAnalyst unavailable$200$251.55 -20.0%Sep 17, 2026
Wells FargoKen Gawrelski$338$254.98 +35.2%Sep 3, 2026
See 346 more

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Company context

Snapshot as of publication

Amazon.com, Inc. operates a vast global retail enterprise, distributing consumer goods and subscription services through both its extensive online platforms and a network of physical stores across North America and internationally. Its operations are structured into three primary segments: North America, International, and Amazon Web Services (AWS). The company's product offerings encompass both merchandise and content procured for direct resale, alongside items sold by third-party merchants on its platform. Furthermore, the company develops and markets its own range of electronic devices, such as Kindle e-readers, Fire tablets and TVs, Ring, Blink, eero, and Echo products. It also invests in the development and production of original media content.…

Historical context

All AMZN earnings
+15.3%FY2026 Q2 · Calendar Q3 2026+0.8%FY2026 Q1 · Calendar Q2 2026+9.6%FY2025 Q3 · Calendar Q4 2025

Latest beats and misses

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Beat on EPS

Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
  3. Polygon adjusted daily market bars · 2026-10-18T17:10:40.226012+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T17:10:40.223044+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.