Amazon losses continue despite 15% hike in first quarter sales to $22.72bn
Retailing leviathan Amazon got quite a bit bigger over the first three months of the year, with the platform notching up a 15 per cent hike in sales for the period to hit $22.72bn, a significant uptick from the $19.74bn banked over the same quarter in 2014.
Indeed, were it not for the unfavourable effect of fluctuating exchange rates Amazon’s sales would have been even higher, with an underlying increase of 22 per cent.
The healthy numbers reflect a 47 per cent increase in operating cash flow to $7.84bn over the preceding 12 months, up from just $5.35bn in the year prior.
Despite cash flowing through its accounts in ever greater quantities however the firm still conspired to rack up a $57m loss for the period, although a strong showing from Amazon Web Services helped soothe investor nerves.
AWS offers cloud computing services to the likes of Dropbox, Spotify, Netflix, Uber, Samsung and the CIA, generating sales of $1.57bn.
Jeff Bezos, founder and chief executive of Amazon.com, commented: “Amazon Web Services is a $5 billion business and still growing fast — in fact it’s accelerating.
“Born a decade ago, AWS is a good example of how we approach ideas and risk-taking at Amazon. We strive to focus relentlessly on the customer, innovate rapidly, and drive operational excellence. We manage by two seemingly contradictory traits: impatience to deliver faster and a willingness to think long term.”