Amazon profits soared once again in the first quarter of 2024, the company has announced.

The company attributed the boost to artificial intelligence and advertising sales, the Guardian reported.

Amazon reported overall revenue of $143.3bn in the first three months of the year - up 13% from the same period in 2023 and surpassing Wall Street expectations of $142.65bn.

Chief executive Andy Jassy said Amazon's continuing focus on AI has "reaccelerated" the growth rate of Amazon Web Services (AWS), the company's cloud-computing sector.

Revenue at AWS increased 17% year-over-year to $25bn, and AWS accounted for 62% of total operating profit.

Advertising sales increased 24% year-over-year to $11.8bn, after the company expanded its advertising, including rolling out ads on Prime Video, starting earlier this year.

As Amazon ramps up its cloud-computing and AI capabilities, it will need to spend more on infrastructure to support the technology, Jassy said.

The earnings report comes after Amazon announced it would invest $11bn to build more data centers in Indiana, promising at least 1,000 jobs there. Also in the quarter, the company extended its partnership with chip manufacturer Nvidia to continue to power its AI offerings.

The report underscores a positive response from investors to Amazon's recent cost-cutting measures, including laying off more than 27,000 employees since late 2022. Amazon laid off hundreds of additional staffers in early 2024.