E-commerce giant Amazon has reported that its net sales for the second quarter (Q2) of the fiscal year 2022 (FY22) increased by 7% to $121.2bn, compared with $113.1bn in the corresponding period of FY21.

The company’s net product sales for the three months to 30 June were $56.57bn, while its net service sales were $64.65bn.

Amazon’s net sales in the North American market grew by 10% from last year to $74.43bn in Q2 2022, while its international sales declined by 12% to $27.06bn.

The retailer’s operating income dropped to $3.3bn in Q2 2022 from $7.7bn in the same period of FY21.

It saw a net loss of $2.0bn, or $0.20 for each diluted share, during the quarter, against a net income of $7.8bn, or $0.76 for each diluted share, in the prior-year period.

For the first six months (H1) of FY22, Amazon recorded total net sales of $237.67bn, compared with $221.59bn in the same period of FY21.

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By GlobalData

The e-commerce retailer reported a decline in operating income of $6.98bn in H1 from $16.56bn last year, as well as a net loss of $5.87bn against a net income of $15.88bn in H1 2021.

Amazon CEO Andy Jassy said: “Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfilment network.

“We’re also seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds and adding unique benefits.”

Recent data from data and analytics company GlobalData revealed that Amazon recorded the highest valuation loss of more than $100bn in the second quarter (Q2) of FY22.

The company has also taken legal action against Facebook group administrators for facilitating fake reviews of products on its websites.