Amazon announced on Thursday that its first quarter sales are up 43 per cent to a staggering $51.0 Billion.
The online retail giant, which has recently been the subject of a barrage of insults and attacks from President Trump, exceeded Wall Street expectations of $49.8 billion, sending shares up 7 per cent to a new record high in after-hours trade and adding $8 billion to the net worth of Jeff Bezos, Amazon’s chief executive and largest shareholder.
It's not only sales that have seen a massive increase either. Operating income increased a huge 92 per cent to $1.9 billion in the first quarter, compared with operating income of $1.0 billion in first quarter 2017.
Outside of those marquee key figures, operating cash flow increased 4 per year-on-year to $18.2 billion (compared with $17.5 billion the year before), free cash flow decreased to $7.3 billion, compared with $10.1 billion the year before. Free cash flow less lease principal repayments decreased to $1.1 billion for the trailing twelve months, compared with $6.1 billion for the trailing twelve months ended March 31, 2017 and free cash flow less finance lease principal repayments and assets acquired under capital leases decreased to an outflow of $3.0 billion, compared with an inflow of $3.3 billion the year before.
"AWS had the unusual advantage of a seven-year head start before facing like-minded competition, and the team has never slowed down," said , founder and CEO. "As a result, the AWS services are by far the most evolved and most functionality-rich. AWS lets developers do more and be nimbler, and it continues to get even better every day. That's why you're seeing this remarkable acceleration in AWS growth, now for two quarters in a row. A huge thank you to all our AWS customers, and you can be sure we'll keep working hard for you."