Online retailer Amazon.com has reported first quarter 2003 pro forma earnings that beat analyst expectations, citing lowered costs and increased US and international sales.
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Amazon.com reported a first-quarter net loss of $10m (£6.3m) compared with a loss of $23m in the first quarter of 2002.
The company said it had a net income of $40m (£25m) compared with a net loss of $5m for the same quarter a year ago.
Net sales for the first quarter totalled $1.08bn (£680m), a 28% increase from $847m for the same quarter last year.
Amazon.com said the strategy of driving down costs to give customers lower prices paid off in making this quarter its first non-holiday quarter in which it achieved sales over $1bn.
Revenue from North America grew 13% year-on-year, to $705m (£444m), Amazon.com said.
The company's international sales, representing its UK, German, French and Japanese sites, grew to $379m (£239m) in the first quarter, up 45% from a year ago.
Operating income from the international segment was $16m (£10m), a $27m increase and reversing a loss from the year-ago quarter, the company said.
The results come on the heels of strong sales reported for the fourth-quarter of 2002, which were pinned on thriving holiday and international sales.
Amazon.com predicted second-quarter net sales of between $1bn and $1.05bn, a year-on-year increase of between 24% and 30%. The company expects second-quarter operating income of between $45m and $60m.
For the full year 2003, Amazon.com expects net sales to total $4.7bn (£2.9bn) or more, an increase of more than 19% compared with the previous year.
The company expects operating income to be $275m (£173m) or more, up more than 50% over the previous year.