Amazon reports Q1 results with sales growth, net profit
Amazon.com Inc. on Thursday announced its financial results for this year's first quarter ended March 31, with net sales of 127.4 billion U.S. dollars, up by 9 percent year on year.
Amazon's net income for the quarter was 3.2 billion dollars, or 0.31 dollars per diluted share, compared with a net loss of 3.8 billion dollars, or 0.38 dollars per diluted share, in the first quarter of 2022.
The company's operating income increased to 4.8 billion dollars in the first quarter this year, compared with 3.7 billion dollars year over year. First quarter 2023 operating income includes approximately 0.5 billion dollars of charges related to estimated severance costs.
The company's operating cash flow increased 38 percent to 54.3 billion dollars for the trailing 12 months, compared with 39.3 billion dollars for the trailing 12 months ended March 31, 2022.
"Our advertising business continues to deliver robust growth, largely due to our ongoing machine learning investments that help customers see relevant information when they engage with us, which in turn delivers unusually strong results for brands," said Andy Jassy, Amazon CEO.
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