New Delhi: E-commerce giant Amazon has reported a significant surge in its advertising revenue for the third quarter of 2024. The company’s ad revenue climbed 19% year-over-year to reach $14.3 billion, solidifying its position as a major player in the digital advertising market.
Amazon’s overall financial performance for the quarter was equally impressive. Net sales reached $158.9 billion, marking an 11% increase compared to the same period in 2023. The company’s operating income also saw substantial growth, soaring 55% year-over-year to $17.4 billion.
One of the key drivers of Amazon’s ad revenue growth is the integration of ads into Prime Video. By introducing ads to its popular streaming service, Amazon has opened up a new avenue for generating advertising revenue. Additionally, the company has expanded its advertising services to cater to a wider range of sellers, vendors, and content creators.
ALSO READ: EU Gives Green Light to Disney-Reliance Entertainment Merger in India
Looking ahead to the fourth quarter of 2024, Amazon has provided optimistic guidance. The company expects net sales to range between $181.5 billion and $188.5 billion, representing a 7% to 11% increase from the previous year. Operating income is projected to be between $16 billion and $20 billion.
As Amazon continues to innovate and expand its advertising business, it is well-positioned to maintain its strong growth trajectory and solidify its position as a dominant force in the digital advertising industry.
