Filed under: Earnings reports, Products and services, Amazon.com (AMZN), Recession
Amazon.com Inc. (NASDAQ: AMZN) stated first quarter profit rose 30% driven by strong sales across the board. .
Amazon shares slumped in after-hours trading after the company lowered its operating income forecast for the year.
Net income at Amazon rose to $143 million in the first quarter, or 34 cents per share, from $111 million, 26 cents, a year earlier. Sales increased 37% to $4.13 billion. The results beat the views of Wall Street analysts who had expected a profit of 32 cents on revenue of $4.08 billion.
Amazon anticipates second quarter sales to be between $3.875 billion and $4.075 billion on operating income of $120 million and $160 million. For the year, the Seattle-based e-tailer is forecasting net sales of $19.1 billion to $20 billion on operating income of between $740 million and $940 million. Earlier this year, the company had forecasted operating income of $985 million, according to Bloomberg News. The operating income guidance was wide enough to drive an 18-wheeler through.
Once again, Amazon has left investors up the creek — or river — without a paddle.
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