Amazon.com, Inc. has released its first-quarter financial results for 2023, showing significant growth despite an uncertain economic climate. The company reported that net sales increased by 9% to reach $127.4 billion, compared with $116.4 billion in the first quarter of 2022. Even with an unfavorable impact of $2.4 billion from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased by 11% compared to the first quarter of 2022.
The North American segment saw an impressive 11% year-on-year growth, with sales reaching $76.9 billion. The International segment reported a 1% increase to $29.1 billion, or a 9% increase when excluding changes in foreign exchange rates. Additionally, Amazon Web Services (AWS) segment sales experienced a 16% year-over-year growth, amounting to $21.4 billion.
Operating income rose to $4.8 billion in the first quarter, a notable increase from $3.7 billion in the first quarter of 2022. This figure includes approximately $0.5 billion of charges related to estimated severance costs.
Amazon’s North America segment saw a positive swing in operating income, reporting $0.9 billion as opposed to a loss of $1.6 billion in the first quarter of 2022. The International segment continued to operate at a loss, reporting $1.2 billion, a slight improvement from a loss of $1.3 billion in the first quarter of 2022. The AWS segment reported an operating income of $5.1 billion, which decreased from the $6.5 billion reported in the first quarter of 2022.
The company’s net income was $3.2 billion in the first quarter, translating to $0.31 per diluted share, a significant recovery from a net loss of $3.8 billion, or $0.38 per diluted share, in the first quarter of 2022.
Additionally, operating cash flow saw a 38% increase to $54.3 billion for the trailing twelve months, compared with $39.3 billion for the twelve months ending March 31, 2022. Free cash flow also demonstrated marked improvement.
Amazon CEO, Andy Jassy, expressed optimism about the company’s performance, highlighting successful efforts in improving the cost to serve in their fulfillment network, the robust growth in their Advertising business, and the promising potential of AWS. The company anticipates having the fastest Prime delivery speeds ever in 2023, a move likely to further enhance customer experience.
Despite the cautious spending environment, AWS prioritizes building long-term customer relationships. The company is making significant strides in enabling customers to leverage technologies like Large Language Models and Generative AI with uniquely cost-effective machine learning chips, managed Large Language Models, and AI code companion CodeWhisperer.
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