Amazon Q1 Profit Tops Estimates; Sales Up 23% - Quick Facts

(RTTNews) - Amazon.com, Inc. (AMZN) reported net income of $724 million in the first quarter, or $1.48 per diluted share, compared with net income of $513 million, or $1.07 per diluted share, in first quarter 2016. On average, 38 analysts polled by Thomson Reuters expected the company to report profit per share of $1.12 for the quarter. Analysts' estimates typically exclude special items. Operating income decreased 6% to $1.0 billion in the first quarter, compared with operating income of $1.1 billion in first quarter 2016.

First-quarter net sales increased 23% to $35.7 billion in the first quarter, compared with $29.1 billion in first quarter 2016. Excluding the $492 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 24% compared with first quarter 2016. Analysts expected revenue of $35.3 billion for the quarter.

"Our India team is moving fast and delivering for customers and sellers. The team has increased Prime selection by 75% since launching the program nine months ago, increased fulfillment capacity for sellers by 26% already this year, announced 18 Indian Original TV series, and just last week introduced a Fire TV Stick optimized for Indian customers with integrated voice search in English and Hindi," said Jeff Bezos, Amazon CEO.

For the second-quarter, the company expects: net sales to be between $35.25 billion and $37.75 billion; and an operating income of between $425 million and $1.075 billion.