In Q2 2024, Amazon outpaced the Digital Ad Market 💪

🛒 Retail Growth

- Amazon’s GMV grew by 8% year-over-year.
- Beauty & Personal Care and Home & Kitchen saw the fastest growth.
- Slower growth in Books and Video Games.
- U.S. GMV growth outpaced the market at 8.7% vs. 2.6% of US Retail.

🌎 International Expansion

- International GMV outpaced North America for the first time since 3Q21.
- Growth in existing markets and increased Prime membership penetration.
- Revised 2024 GMV growth forecast to 10%, down from 12%.

💵 Profitability and Ads

- Operating margins up by 230 basis points compared to 2Q23.
- Ad revenue grew by 20% year-over-year.
- Amazon outperformed the broader digital ad market by 2.8 percentage points.
- Advertisers increased their spend on Amazon ads by 60 basis points.

🎬 Prime Program Stability

- Prime membership growth stabilized at 11% year-over-year.
- Balance between improving Prime features and increasing prices.
- Introduction of ads into Prime Video.
- Continued prioritization of Amazon by brands to drive growth.

Is Amazon’s Q2 performance a win despite slower retail growth?