Amazon Q1 net sales jump 13% to $143.3bn

Amazon has revealed that its net sales rose 13% to $143.3bn (£114.7bn), up from $127.4bn (£102bn), for the three months ended 31 March.

This figure excludes the $0.2bn (£0.16bn) “unfavourable impact” of year-on-year foreign exchange rate changes.

The company’s sales in the North America segment increased 12% year-on-year to $86.3bn (£69.1bn).

The international segment sales increased 10% year-over-year to $31.9bn (£25.5bn), or increased 11% excluding changes in foreign exchange rates.

The online retailer’s operating income increased to $15.3bn (£12.3bn) in the first quarter, compared with $4.8bn (£3.8bn) in the first quarter of 2023.

North American operating income was $5bn (£4bn), compared with operating income of $0.9bn (£0.72bn) in the first quarter 2023.

Furthermore, its international segment operating income was $0.9bn (£0.72bn), compared with an operating loss of $1.2bn (£0.96bn) in the first quarter 2023.

Andy Jassy, Amazon president and CEO, said: “It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results. The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS’s AI capabilities is reaccelerating AWS’s growth rate (now at a $100bn annual revenue run rate).

“Our Stores business continues to expand selection, provide everyday low prices, and accelerate delivery speed (setting another record on speed for Prime customers in Q1, while lowering our cost to serve; and, our Advertising efforts continue to benefit from the growth of our Stores and Prime Video businesses. It’s very early days in all of our businesses and we remain excited by how much more we can make customers’ lives better and easier moving forward.”