US' Amazon's net sales climb 9% to $127.4 bn in Q1 FY23

Amazon's operating income for the first quarter of 2023 was $4.8 billion, up from $3.7 billion in Q1 FY22. The North America region had an operating income of $0.9 billion, compared to an operating loss of $1.6 billion in the same period last year. However, the company’s international operating loss was $1.2 billion, compared to an operating loss of $1.3 billion in Q1 FY22.

Net income for Q1 FY23 was $3.2 billion, or $0.31 per diluted share, compared with a net loss of $3.8 billion, or $0.38 per diluted share, in Q1 FY22. Amazon's operating cash flow for the trailing twelve months increased by 38 per cent to $54.3 billion, compared to $39.3 billion for the trailing twelve months ending March 31, 2022, Amazon said in a press release.

Looking ahead to Q2 FY23, Amazon expects net sales to grow between 5 per cent and 10 per cent compared to the same period last year, with a range of $127.0 billion to $133 billion. However, foreign exchange rates are expected to have an unfavourable impact of approximately 30 basis points. The company also expects operating income to be between $2.0 billion and $5.5 billion, compared to $3.3 billion in Q2 FY22.

“There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy,” said Andy Jassy, Amazon CEO. “Our stores business is continuing to improve the cost to serve in our fulfilment network while increasing the speed with which we get products into the hands of customers (we expect to have our fastest Prime delivery speeds ever in 2023).”

Fibre2Fashion News Desk (DP)