For the first quarter ended March 31, Amazon.com, Inc. posted net income of $108 million, or 23 cents per diluted share, compared with $82 million, or 18 cents per diluted share, in the 2013 period. Net sales increased 23% to $19.74 billion in the quarter versus the period a year earlier.
Operating income decreased 19% to $146 million versus $181 million in first quarter 2013. A favorable effect from year-over-year foreign exchange rate changes on operating income was $18 million.
Observers noted that Amazon CEO Jeff Bezos is putting cash into growth, so that its sales beat consensus financial analyst estimates while earnings per share just pulled even.