E-commerce giant Amazon has reported a net income of $10.4bn in the first quarter (Q1) of fiscal 2024, a significant rise from the $3.2bn reported in the same period of fiscal 2023. 

The company’s earnings per diluted share also saw a substantial increase, rising from $0.31 in the first quarter of 2023 to $0.98 in Q1 FY24.  

The growth includes a pre-tax valuation loss of $2bn from Amazon’s investment in Rivian Automotive, accounted for in non-operating expenses.  

This loss compares to a smaller $0.5bn valuation loss in Q1 FY23. 

Net sales for Amazon during the quarter ending 31 March 2024 grew by 13% to $143.3bn, up from $127.4bn in Q1 FY23.  

The North America segment reported a 12% increase in sales to $86.3bn, while international sales rose by 10% to $31.9bn in Q1 FY24. 

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Its operating income for the quarter surged to $15.3bn in Q1 FY24, up from $4.8bn in the first quarter of 2023.  

The North American segment’s operating income was $5bn, up from $0.9bn in the previous year. Operating income for the international segment was $0.9bn against a loss of $1.2bn in Q1 FY23. 

Amazon president and CEO Andy Jassy said: “It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results.  

“Our stores business continues to expand selection, provide everyday low prices and accelerate delivery speed while lowering our cost to serve, and our advertising efforts continue to benefit from the growth of our stores and Prime Video businesses. It’s very early days in all of our businesses and we remain excited by how much more we can make customers’ lives better and easier moving forward.” 

Looking ahead to Q2 FY24, Amazon anticipates net sales between $144bn and $149bn, which would represent growth of 7% to 11% compared with Q2 FY23.  

The company also expects operating income to be between $10.0bn and $14.0bn, up from $7.7bn in the corresponding quarter of the previous year. 

In April 2024 Amazon launched a new low-cost grocery delivery subscription service for Prime members and customers with a registered electronic benefit transfer.