Robert Kneschke - Fotolia
Net sales increased 28% compared with the same period the year before to $29.1bn, resulting in profits for the quarter of $513m, compared with a net loss $57m in the first quarter of 2015 and ahead of the average analysts’ revenue forecast of $27.98bn, according to Thomson Reuters
Operating income was $1.1bn in the first quarter, compared with $255m in first quarter 2015.
“Amazon devices are the top selling products on Amazon, and customers purchased more than twice as many Fire tablets than first quarter last year,” said Jeff Bezos, founder and CEO of Amazon.com.
“Earlier this week, the $39 Fire TV Stick became the first product ever — from any manufacturer — to pass 100,000 customer reviews, including over 62,000 5-star reviews, also more than any other product ever sold on Amazon,” he said.
Amazon Echo, a wireless speaker and voice command device, is also off to a good start, said Bezos. “We can’t yet manage to keep it in stock despite all efforts. We’re building premium products at non-premium prices, and we’re thrilled so many customers are responding to our approach.”
Read more about Amazon
- Deutsche Telekom's IT services division plans to take business from Amazon with a cheaper public cloud that guarantees users' data stays in Germany.
- Online retailer has set out plans to recruit staff across all areas of its business across Europe in 2016.
- Amazon Web Services continues to go from strength to strength as it banks income similar to its parent company's entire North American e-commerce business.
The Amazon results came in sharp contrast to Apple’s results, which revealed a fall in revenue from devices for the first time in 13 years.
Amazon reported strong growth in customers for its Prime service, which competes with video streaming services like Netflix, while the company’s cloud storage and software services division saw strong sales growth, with revenue up 64% compared with the same period the year before to $2.56bn.
Buoyed by a strong first quarter, Amazon predicts second quarter net sales of between $28bn and $30.5bn, or to growth of between 21% and 32% compared with second quarter of 2015, and predicts operating income of between $375m and $975m, compared with $464m in second quarter of 2015.
Read more on E-commerce technology
Covid-19: Lockdown lifting slows Amazon’s sales growth during Q2
Google grows cloud sales as parent’s profits top $40bn
Amazon CEO Jeff Bezos to step down as e-commerce giant celebrates first-ever $100bn revenue quarter
Amazon posts 'better than expected' Q3 results as Covid-19 pandemic continues to drive sales up