Amazon’s cloud revenue surged 28% in Q1, its fastest pace in nearly four years, while Shopify’s gross merchandise volume crossed $100 billion.
Amazon reported $181.519 billion in Q1 revenue, up 16.61%, with earnings per share of $2.78, beating estimates of $1.653. AWS cloud revenue reached $37.587 billion, a 28% increase, marking its strongest growth in 15 quarters. The company’s chips business also hit a $20 billion annual run rate, growing triple digits year-over-year.
Shopify’s gross merchandise volume surpassed $100 billion for the first time, while revenue grew 34% to $3.17 billion. Amazon’s capital expenditure hit $44 billion, dwarfing Shopify’s $5 million spend, which generated $476 million in free cash flow. Amazon’s P/E ratio stands at 31, compared to Shopify’s 121, reflecting differing investor expectations for AI infrastructure and profitability.
Both companies outperformed Q1 revenue estimates, highlighting divergent strategies in retail and cloud dominance. Amazon’s advertising revenue also cleared $70 billion over the trailing twelve months, reinforcing its multi-engine growth model.