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Amazon Profits More Than Double In Q1

North American sales rise 16.5%

Amazon reported higher-than-expected financial results on Thursday.

Amazon’s net sales increased 17 percent to $59.7 billion in the first quarter, it announced, compared with $51 billion in the prior-year period.

When unfavorable foreign exchange rates are excluded, net sales increased 19 percent.

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Profits increased to $3.6 billion, or $7.09 per diluted share, compared with $1.6 billion, or $3.27 per diluted share, in the prior-year period.

Operating income increased to $4.4 billion in the first quarter vs. $1.9 billion in Q1 2018.

When broken out, North American net sales rose 16.5 percent vs. the prior-year period, from $30.73 billion to $35.81 billion.

Product sales rose 8.47 percent in Q1 2019 vs. Q1 2018 while service sales rose 30.77 percent.

The retailer said it expects second-quarter net sales to be between $59.5 billion and $63.5 billion, up between 13 percent and 20 percent vs. Q2 2018. Operating income, meanwhile, is expected to be between $2.6 billion and $3.6 billion, compared with $3 billion in second quarter 2018.

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