TMTB: AMZN PINS First takes

AMZN +3%: 17% AWS growth vs buyside at 15.5-16% and street at 15.5%. Q1 rev and q2 rev guide a little light but OI #s look very solid. Overall, good print, but some questions around lower top line guide…

Q1 revs of $143.1B vs street at $142.5B and bogeys of 143.5B

Q1 OIT of $15.3B vs street at $11B

Q2 rev guide of 144B -149B below street at 150.5B and slightly below buyside bogeys of $148-$151B (JPM had buyside bogey at 145-150B)

Q2 OI guide 10B -14B vs buyside at 11-12B. Investors will assume they beat the top end

No buyback or div …

Management: “Thanks to our investments in AI and shoppability, we're driving even greater returns for advertisers and gaining access to performance budgets."

Q1 Results
Net sales $143.31B, +13% y/y, EST $142.59B
Online stores net sales $54.67B, +7% y/y, EST $54.77B
Physical Stores net sales $5.20B, +6.3% y/y, EST $5.08B
Third-Party Seller Services net sales $34.60B, +16% y/y, EST $34.63B
AWS net sales $25.04B, +17% y/y, EST $24.11B
North America net sales $86.34B, …