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    Amazon.com Inc (AMZN)

    Amazon is a global technology company that operates in various sectors, including e-commerce, cloud computing, and digital streaming. The company organizes its business activities into three main segments: North America, International, and Amazon Web Services (AWS), serving a wide range of customers such as consumers, sellers, developers, enterprises, content creators, advertisers, and employees . Amazon's diverse product lines include online and physical retail stores, third-party seller services, advertising services, subscription services, and AWS, which provides on-demand technology services .

    1. Online Stores - Offers a wide range of products and digital media content through its e-commerce platform.
    2. Third-Party Seller Services - Provides a marketplace for sellers, including services like commissions and fulfillment.
    3. Amazon Web Services (AWS) - Delivers on-demand cloud computing and technology services to businesses and developers.
    4. Advertising Services - Sells advertising space and services to various clients, enhancing their visibility and reach.
    5. Subscription Services - Includes offerings like Amazon Prime and digital content subscriptions, providing exclusive benefits and content.
    6. Physical Stores - Operates retail locations where customers can purchase items directly in-store.

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    Revenue by Segment - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    North America105,514352,82886,34190,03395,537115,586387,49792,887
    International40,243131,20031,93531,66335,88843,42142,90633,513
    AWS24,20490,75725,03726,28127,45228,786107,55629,267
    Online Stores70,543231,87254,67055,39261,411100,838247,02957,407
    Physical Stores5,15220,0305,2025,2065,2285,57921,2155,533
    Third-party Seller Services43,559140,05334,59636,20137,86446,485156,14636,512
    Advertising Services14,65446,90611,82412,77114,33117,28856,21413,921
    Subscription Services10,48840,20910,72210,86611,27811,50844,37411,715
    Media--------
    Electronics and Other General Merchandise--------
    Other1,3614,9581,2621,2601,3131,595,4251,312
    Total Revenue169,961574,785143,313147,977158,877187,792637,959155,667
    Revenue by Geography - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    North America--86,34190,03395,537115,586387,49792,887
    International--31,93531,66335,88843,42142,90633,513
    AWS--25,03726,28127,45228,786107,55629,267
    - United States------438,015-
    - Germany------40,856-
    - United Kingdom------37,855-
    - Japan------27,401-
    - Rest of World------93,832-
    United States-395,637------
    Germany-37,588------
    United Kingdom-33,591------
    Japan-26,002------
    Rest of World-81,967------
    Total Revenue169,961574,785143,313147,977158,877187,792637,959155,667
    KPIs - Metric (Unit, Scale)FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Shipping Costs (USD billions)-89.521.822.023.5---
    Free cash flow (USD millions)-36,81350,14952,97347,747---
    Free cash flow less principal repayments of finance leases and financing obligations (USD millions)-32,15846,07149,57544,938---
    Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations (USD millions)-35,54948,77851,44846,150---
    NamePositionExternal RolesShort Bio

    Andrew R. Jassy

    Executive

    President and Chief Executive Officer

    Trustee and sponsor of Rainier Scholars; Chair and founding member of Rainier Prep

    Joined Amazon in 1997, founded and led AWS, became CEO in July 2021.

    View Report →

    Brian T. Olsavsky

    Executive

    Senior Vice President and Chief Financial Officer

    None mentioned

    Joined Amazon in 2002, became CFO in June 2015.

    David A. Zapolsky

    Executive

    Senior Vice President, Global Public Policy and General Counsel

    None mentioned

    Joined Amazon in 2002, held various legal roles, became Senior Vice President, Global Public Policy and General Counsel in May 2023.

    Douglas J. Herrington

    Executive

    CEO of Worldwide Amazon Stores

    None mentioned

    Joined Amazon in 2005, held leadership roles in Consumables and North America Consumer divisions, became CEO of Worldwide Amazon Stores in July 2022.

    Matthew S. Garman

    Executive

    CEO of Amazon Web Services

    None mentioned

    Joined Amazon in 2005, held various leadership roles in AWS, became CEO of AWS in June 2024.

    View Report →

    Shelley L. Reynolds

    Executive

    Vice President, Worldwide Controller, and Principal Accounting Officer

    None mentioned

    Serving as Vice President, Worldwide Controller, and Principal Accounting Officer since April 2007.

    Andrew Y. Ng

    Board

    Director

    Managing General Partner, AI Fund LP; Founder, DeepLearning.AI LLC; Founder and CEO, Landing AI, Inc.; Chairman and Co-Founder, Coursera, Inc.; Adjunct Professor, Stanford University

    Director since April 2024, expertise in AI and education.

    Brad D. Smith

    Board

    Director

    Director of Humana Inc.; President of Marshall University

    Director since September 2023, former President and CEO of Intuit.

    Daniel P. Huttenlocher

    Board

    Director

    Dean of MIT Schwarzman College of Computing; Director of Corning Incorporated

    Director since September 2016, expertise in AI and technology.

    Edith W. Cooper

    Board

    Director

    Director of PepsiCo, Inc.; Trustee of the Museum of Modern Art; Member of the Museum Council of the Smithsonian National Museum of African American History and Culture; Trustee of Mount Sinai Health Systems, Institute for Health Equity Research

    Director since September 2021, co-founder of Medley Living, Inc..

    Indra K. Nooyi

    Board

    Director

    Director of Royal Philips; Trustee of Memorial Sloan Kettering Cancer Center; Trustee of the National Gallery of Art; Trustee of The Asia Society; Director of Partnership for Public Service; Member of the Dean’s Advisory Council at MIT’s School of Engineering

    Director since February 2019, former Chair and CEO of PepsiCo.

    Jamie S. Gorelick

    Board

    Director

    Partner at Wilmer Cutler Pickering Hale and Dorr LLP; Director at VeriSign, Inc.; Chair of the Urban Institute

    Director since February 2012, Chair of the Nominating and Corporate Governance Committee.

    Jeffrey P. Bezos

    Board

    Executive Chair

    Executive Chair of the Bezos Earth Fund; Founder of the Bezos Day One Fund; Founder of Blue Origin; Owner of The Washington Post

    Founded Amazon in 1994, served as CEO until July 2021, currently Executive Chair.

    Jonathan J. Rubinstein

    Board

    Director

    Lead director of Robinhood Markets, Inc.

    Director since December 2010, extensive experience in leadership and technology.

    Keith B. Alexander

    Board

    Director

    Former CEO, President, and Chair of IronNet, Inc.

    Director since September 2020, Chair of the Security Committee.

    Patricia Q. Stonesifer

    Board

    Director

    Trustee of The Rockefeller Foundation; Vice Chair of the Board of Directors of Co-Impact; Emeritus Member of the Museum Council of the Smithsonian National Museum of African American History and Culture; Member of the Board of Advisors of TheDream.US

    Director since February 1997, extensive leadership experience.

    Wendell P. Weeks

    Board

    Director

    Chairman and CEO of Corning Incorporated; Board of Trustees for the Corning Museum of Glass; Board of Trustees for the Institute for Advanced Study; Liveris Academy Honorary Board; White House Advisory Committee for Trade Policy and Negotiations

    Director since February 2016, extensive experience in innovation and technology.

    1. With the significant increase in AI-related workloads driving AWS demand, how is Amazon addressing the current capacity constraints in AWS, especially given the ongoing shortage of high-performance chips like NVIDIA's GPUs, and how might this impact your ability to meet customer demand in the near term?

    2. AWS operating margins have seen fluctuations due to the level of investments; can you provide more clarity on how the increased spending on AI infrastructure and custom silicon like Trainium and Inferentia will impact AWS profitability in the coming quarters?

    3. You mentioned a shift towards lower average selling price (ASP) items and consumers being more price-conscious; how does this trend affect your overall retail margins, and what strategies are in place to ensure profitability despite the potential pressure from increased sales of lower ASP products?

    4. The third-party seller unit mix declined slightly in Q3, which is unusual; can you explain the specific factors contributing to this shift, and what steps are you taking to support third-party sellers and potentially reverse this trend?

    5. While international segment operating income has improved, emerging markets may still be facing challenges; can you elaborate on the specific initiatives being undertaken to drive profitability in these regions, and what hurdles do you anticipate in aligning international margins with North America over time?

    Program DetailsProgram 1
    Approval DateMarch 2022
    End Date/DurationNo fixed expiration
    Total additional amount$10.0 billion
    Remaining authorization amount$6.1 billion as of September 30, 2024
    DetailsReplaces a previous $5.0 billion authorization from February 2016
    YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
    20244.0Unsecured Senior Notes3.80 - 4.957.3% = (4.0 / 54.89) * 100
    202513.0Unsecured Senior Notes3.15 - 5.2023.7% = (13.0 / 54.89) * 100
    202615.0Unsecured Senior Notes0.80 - 2.7027.3% = (15.0 / 54.89) * 100
    202711.25Unsecured Senior Notes1.00 - 3.2520.5% = (11.25 / 54.89) * 100
    20288.25Unsecured Senior Notes3.00 - 4.1015.0% = (8.25 / 54.89) * 100
    2029+9.0Unsecured Senior Notes0.80 - 5.2016.4% = (9.0 / 54.89) * 100
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1996 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    1Life Healthcare, Inc. (One Medical)

    2023

    Amazon acquired 1Life Healthcare for approximately $3.5 billion in cash, with $1.3 billion allocated to intangible assets and $2.5 billion to goodwill to enhance its healthcare offerings including 24/7 virtual care and in-office visits.

    MGM Holdings Inc.

    2022

    Amazon acquired MGM Holdings on March 17, 2022, for about $6.1 billion net, assuming $2.5 billion in debt and obtaining assets such as a $3.4 billion video content portfolio and $4.9 billion in goodwill to strengthen its digital media content and streaming services.

    Recent press releases and 8-K filings for AMZN.

    Amazon class action certified in UK £1.3B Buy Box antitrust case
    $AMZN
    Legal Proceedings
    • The UK Competition Appeal Tribunal unanimously certified a £1.3 billion+ class action on behalf of approximately 49.4 million UK Amazon customers alleging antitrust harms in its Buy Box algorithm.
    • Claimants assert Amazon’s proprietary Buy Box ranking favors more profitable offer listings, leading consumers to pay artificially inflated prices by obscuring cheaper alternatives.
    • Robert Hammond was approved as the class representative for all UK purchasers of Amazon.com orders from October 2015 through June 7 2023, on an opt-out basis.
    • The action is led by Hagens Berman EMEA LLP with co-counsel Charles Lyndon Limited, supported by economic experts Fideres and Four World Capital.
    3 days ago
    Amazon closes Shanghai AI lab amid US-China tensions
    $AMZN
    Layoffs
    • Amazon has shut its Shanghai AI lab, established in 2018, amid escalating U.S.-China geopolitical tensions affecting major tech firms.
    • The lab’s open-source graph neural network framework contributed nearly $1 billion in e-commerce revenue and produced over 100 academic papers.
    • Amazon cited strategic adjustments and global resource optimization in AWS job cuts as reasons for the closure.
    • Despite the pullback, analysts maintain an Outperform consensus with a $251.34 one-year price target, implying a 10.50% upside.
    4 days ago
    Amazon acquires San Francisco wearable AI startup Bee
    $AMZN
    M&A
    • Amazon has acquired Bee, a San Francisco-based startup known for its wearable AI device to accelerate its personal AI wearables and Alexa ecosystem development.
    • Bee’s device listens to conversations and provides personalized summaries, reminders and insights by integrating with emails, contacts, calendars and location data, while maintaining strict privacy measures by not storing audio recordings.
    • Bee raised $7 million earlier this year and sells its wristband for $49.99 plus a subscription for advanced features, highlighting the growing wearable AI market.
    • The acquisition brings Bee’s team into Amazon’s Devices & Services division, led by Panos Panay, though terms remain undisclosed.
    5 days ago
    Amazon sees AI-driven cloud revenue and efficiency gains
    $AMZN
    Revenue Acceleration/Inflection
    New Projects/Investments
    • AWS revenue expected to re-accelerate as AI backlogs convert to earnings
    • Advertising margins may improve via AI-driven efficiencies in ad creation and deployment
    • CAPEX ROI now evaluated through identifiable AI profit pools, enabling clearer ROI measurement
    • Emerging AI winners beyond hyperscalers include Pinterest (Performance Plus) and AppLovin
    • Consumer AI monetization will span subscription, advertising, and commerce, with subscription fees likely growing
    Jul 11, 2025, 7:51 PM
    Amazon expands Prime Day to four-day sale and highlights logistics moat
    $AMZN
    • Prime Day has grown from a one-day event to a four-day sale in its 11th year, shifted closer to July 4th, with other major retailers following suit.
    • Amazon stands out through selection, price, and convenience, leveraging its logistics network for same- and next-day delivery.
    • Retail media spending now exceeds TV advertising, and Amazon’s partnership with Roku enables targeted TV ads based on purchase data and downstream impact measurement.
    • PMG’s platforms—Velocity for Amazon consumer signals and Allie for cross-channel marketing metrics—drive optimized retail media strategies.
    Jul 11, 2025, 7:31 PM
    Amazon emphasizes AWS growth over retail
    $AMZN
    Revenue Acceleration/Inflection
    Product Launch
    • Amazon Web Services is identified as the primary profit driver, offering significantly higher margins than retail or Prime.
    • A recent CIO survey indicates AWS is gaining market share from Microsoft Azure, Google Cloud, and Oracle Cloud.
    • Morgan Stanley’s analysis suggests consensus estimates for AWS growth may be too conservative, implying potential for earnings beats.
    • A planned Alexa Plus rollout this fall adds another potential catalyst to Amazon’s growth outlook.
    Jul 11, 2025, 1:50 PM
    Amazon faces expanded pricing policy probe
    $AMZN
    Legal Proceedings
    • Canada’s Competition Bureau has expanded its investigation of Amazon’s Marketplace Fair Pricing Policy, probing whether it discourages third-party sellers from offering lower prices elsewhere and enables higher seller fees since 2020.
    • A Federal Court order now compels Amazon to produce documents and data relevant to the probe into a potential abuse of dominance under Canadian competition law.
    • The policy allows Amazon to penalize sellers for pricing conduct deemed to damage customer trust, including setting prices significantly higher than recent prices on Amazon or other platforms.
    • Amazon’s stock dipped 1.1% following the news, coinciding with mixed market reactions to Prime Day amid trade tensions and tariff concerns.
    Jul 8, 2025, 1:20 PM
    Amazon says new US energy law could hamper AI infrastructure build-out
    $AMZN
    New Projects/Investments
    • President Trump’s newly signed spending bill slashes tax credits for solar, wind and batteries, which is expected to flatten or reverse solar and wind growth, extending gas dominance and potentially triggering a coal rebound in parts of the US.
    • Data centers already consume more electricity than some countries—and with US clean-power expansion slowed, AI build-out costs will rise and deployment may stall without cheap, reliable power.
    • Cuts to storage incentives could complicate grid integration of clean energy, making the AI infrastructure build-out slower, dirtier and more expensive just as China accelerates its energy capacity expansion.
    • Despite big-tech’s lobbying strength, focus on AI regulation overrides energy concerns, resulting in limited public pushback on the bill’s clean-energy cuts.
    Jul 7, 2025, 5:41 PM
    Amazon Chair Bezos Sells $737M in Shares
    $AMZN
    • Amazon Founder and Executive Chair Jeff Bezos sold 3.3 million shares worth $737 million in late June under a pre-arranged 10b5-1 trading plan initiated in March.
    • The plan allows him to sell up to 25 million shares by May 2026 and marks his first stock sale in 2025.
    • In 2024, Bezos sold nearly $5 billion of Amazon shares amid record-high stock prices and market rallies.
    • He has donated nearly one million shares to nonprofits in 2025, supporting climate change and homelessness initiatives.
    • Following the June sale, Bezos remains Amazon’s largest individual shareholder with about 905 million shares.
    Jul 1, 2025, 10:06 PM
    Amazon projects workforce transformation through AI automation
    $AMZN
    Hiring
    New Projects/Investments
    • Amazon expects generative AI agents to automate tasks like coding, research, analytics, spreadsheets, anomaly detection and localization, reducing headcount in some roles while raising job complexity and productivity across teams.
    • The company plans to hire more talent in AI and robotics to develop, deploy and manage these new technologies, offsetting workforce reductions in automated functions.
    • Amazon is investing billions in AI infrastructure—over $20 billion in a Pennsylvania data center cluster, plus facilities in Indiana and Mississippi—to overcome power constraints and scale capacity for its AI business.
    Jun 30, 2025, 11:58 PM