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08:38, 27-Apr-2018
Amazon's Q1 earnings more than double amid strong sales
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US online retail giant Amazon announced on Thursday that its profits for the first quarter of 2018 more than doubled due to accelerated sales.
In a report on its financial results for the first quarter, which officially ended on March 31, 2018, Amazon said its net sales increased 43 percent to 51.4 billion US dollars for the Q1 period, compared with 35.7 billion US dollars in the same period of last year.
It posted a Q1 net income of 1.63 billion US dollars, or 3.27 US dollars per diluted share, compared with a net income of 724 million US dollars, or 1.48 US dollars per diluted share in the first quarter of 2017.
It is the second time that the quarterly profits of the Seattle-based e-commerce and retail behemoth has topped 1 billion US dollars. In the previous quarter, it had profits of more than 1.8 billion US dollars.
Amazon said its operating cash flow increased 4 percent to 18.2 billion US dollars for the trailing 12 months, compared with 17.5 billion US dollars for the same period of last year.
Amazon founder and CEO Jeff Bezos said the company's AWS cloud service "had the unusual advantage of a seven-year head start before facing like-minded competition" making it by far the most evolved and most functionality-rich option, and it has achieved remarkable acceleration in growth.
Amazon reported its blockbuster profits at a time when it got criticized by US President Donald Trump, who tweeted several times that it failed to pay enough taxes to the government and should pay more for the shipping service provided by the US Postal Service.
Source(s): Xinhua News Agency