Amazon.com Inc. has announced financial results for its first quarter ended March 31, 2017. During the period under review, the e-commerce giant’s net sales increased by 23 per cent to US $ 35.7 billion compared with US $ 29.1 billion in first quarter of 2016. Excluding the US $ 492 million unfavourable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales surged 24 per cent compared with first quarter 2016.
Net income was US $ 724 million in the first quarter, or US $ 1.48 per diluted share, compared with net income of US $ 513 million, or US $ 1.07 per diluted share, in first quarter of 2016. The retailer’s operating income dropped 6 per cent to US $ 1.0 billion in the first quarter, compared with operating income of US $ 1.1 billion in first quarter 2016.
During the above mentioned period, operating cash flow increased by 53 per cent to US $ 17.6 billion for the trailing twelve months, compared with US $ 11.6 billion for the trailing twelve months ended March 31, 2016.
Free cash flow increased to US $ 10.2 billion compared with US $ 6.7 billion for the 12 months ended March 31, 2016. Free cash flow less lease principal repayments increased to US $ 6.2 billion for the trailing twelve months, compared with US $ 3.8 billion for the year ended March 31, 2016.
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Talking about the Indian market, Jeff Bezos, Amazon founder and CEO said, “Our India team is moving fast and delivering for customers and sellers. The team has increased Prime selection by 75 per cent since launching the program nine months ago, increased fulfilment capacity for sellers by 26 per cent already this year, announced 18 Indian Original TV series, and just last week introduced a Fire TV Stick optimized for Indian customers with integrated voice search in English and Hindi,” adding, “We’re grateful that customers are responding – Amazon.in is the most visited and the fastest growing marketplace in India. It’s still Day 1 for e-commerce in India, and I assure you that we’ll keep investing in technology and infrastructure while working hard to invent on behalf of our customers and small and medium businesses in India.”
