Multinational e-commerce company Amazon has registered net sales of $127.4bn in the first quarter (Q1) of fiscal year (FY) 2023, representing a 9% increase from $116.4bn in Q1 FY22.
In terms of sector-specific sales, the North America segment recorded an 11% year-over-year (YoY) increase to $76.9bn, while the company’s International segment’s YoY sales went up by 1% to $29.1bn.
Amazon Web Services (AWS) witnessed a 16% YoY rise in quarterly sales to $21.4bn in FY23.
For the reported quarter ending on 31 March 2023, Amazon’s net income totalled $3.2bn or $0.31 per diluted share, compared to the net loss of $3.8bn or $0.38 per diluted share in last year’s Q1.
Operating cash flow for this quarter was up by 38% to $54.3bn from $39.3bn for the 12 months until 31 March 2022.
The company’s free cash flow also improved to an outflow of $3.3bn this quarter.
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Amazon CEO Andy Jassy said: “There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy.
“Our Advertising business continues to deliver robust growth, largely due to our ongoing machine learning investments that help customers see relevant information when they engage with us, which in turn delivers unusually strong results for brands.
“And, while our AWS business navigates companies spending more cautiously in this macro environment, we continue to prioritise building long-term customer relationships both by helping customers save money and enabling them to more easily leverage technologies like Large Language Models and Generative AI with our uniquely cost-effective machine learning chips (‘Trainium’ and ‘Inferentia’), managed Large Language Models (‘Bedrock’) and AI code companion CodeWhisperer.”
The e-commerce giant’s operating income jumped to $4.8bn this quarter while Q1 in FY22 was $3.7bn.
Meanwhile, the operating income for Amazon’s North America segment was $0.9bn, compared to the operating loss of $1.6bn in Q1 FY2022.
AWS segment operating income stood at $5.1bn while the same period for FY22 stood at $6.5bn.
The company’s International business registered an operating loss of $1.2bn.