Amazon beats estimates in first quarter sales

256
Amazon quarter
// Amazon’s first quarter results beat analyst estimates
// Net income more than doubled while revenues increased 17%

Amazon has beaten analyst estimates by some margin after net income more than doubled during its first quarter.

According to its first quarter results for the period ending March 31, the online retail giant saw net income grown from $1.6 billion (£1.24 billion) to $3.6 billion (£2.79 billion).

Meanwhile, revenues rose 17 per cent to $59.7 billion (£46.1 billion), hitting the top end of expectations of between $56 billion (£43.3 billion) and $60 billion (£46.5 billion).

Despite the positive growth, the figures marked Amazon’s lowest year-on-year revenue growth since 2015.

Amazon said it now expected net sales to rise between 13 per cent and 20 per cent during the second quarter, hitting between $59.5 billion (£46 billion) and $63.5 billion (£49.2 billion).

The trading update also saw Amazon unveil a one-day delivery plan for its Prime members in a move to further disrupt the competitive retail landscape.

Click here to sign up to Retail Gazette‘s free daily email newsletter