In the opening remarks of his 2023 annual letter, Amazon (NASDAQ: AMZN) CEO Andy Jassy outlined the company's massive ramp-up of operating profit and free cash flow (FCF): operating income went from $12.2 billion in 2022 to $36.9 billion in 2023, and FCF -- backing out equipment financing -- soared from negative $12.8 billion to positive $35.5 billion in 2023.

Savvy investors were always looking for this type of rebound in the last year, and the e-commerce and cloud computing giant certainly delivered. But as great as 2023 was, this new Amazon story may be just beginning. Here's why there's plenty to like about the stock right now after the Q1 2024 update.

To kick off the new year, Amazon reported continual sluggish growth -- at least, "sluggish" in terms of what Amazon has delivered for the last couple of decades. Revenue was up 13% from a year ago to $143 billion.

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Source Fool.com