Amazon.com, Inc. posted net sales of $127.4 billion in the first quarter of 2023, representing a 9 percent increase versus the first quarter 2022.
Excluding the $2.4 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, the sales increase was of 11 percent.
The operating income of the Seattle-based tech giant increased to $4.8 billion, up from $3.7 billion in first quarter 2022. Net income was $3.2 billion, or $0.31 per diluted share, versus a net loss of $3.8 billion, or $0.38 per diluted share, in first quarter 2022.
Net income in first quarter 2023 includes a pre-tax valuation loss of $0.5 billion included in non-operating expenses from the common stock investment in Rivian Automotive, compared to a pre-tax valuation loss of $7.6 billion from the investment in first quarter 2022.
North America segment sales increased 11 percent year-over-year to $76.9 billion. International segment sales increased by 1 percent year-over-year to $29.1 billion, or by 9 percent excluding changes in foreign exchange rates.
Amazon Web Services (AWS) segment sales increased 16 percent year-over-year to $21.4 billion. Amazon’s advertising segment had sales of $9.5 billion, representing an increase of 21 percent year-over-year.
For the second quarter of 2023, the company expects net sales to be between $127.0 billion and $133.0 billion, or to grow between 5 percent and 10 percent versus second quarter 2022. This outlook anticipates an unfavorable impact of around 30 basis points from foreign exchange rates.
Operating income is expected to be between $2.0 billion and $5.5 billion, compared with $3.3 billion in second quarter 2022. This guidance assumes that no additional business acquisitions, restructurings or legal settlements are concluded.
