Etail giant Amazon.com has beaten analysts’ expectations by halving first-quarter losses as revenues surged 28%.
The online firm posted Q1 net losses of $10 million (€9.1m; £6.3m), down from $23m a year earlier, while sales jumped from $847m to $1.08 billion.
On a pro forma basis (excluding costs such as goodwill amortisation and stock options), Amazon jumped from a $4.8m loss in Q1 2002 to a $40.3m profit.
Encouraged by the results, the etailer raised full-year sales growth forecasts to upwards of $4.7bn, a rise of 19% compared with previous predictions of 15%. Operating income is expected to jump by over 50% to $275m.
Data sourced from: Financial Times; additional content by WARC staff