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Amazon (AMZN) reported first-quarter earnings that topped analysts’ expectations, but its outlook disappointed.
The e-commerce and cloud services giant reported quarterly revenue of $155.7 billion, up 9% year-over-year and above the analyst consensus from Visible Alpha. Net income of $17.1 billion, or $1.59 per share, compared to $10.4 billion, or 98 cents per share, a year earlier, topping Wall Street’s estimates.
“To some extent, we’ve seen some heightened buying in certain categories that may indicate stocking up in advance of any potential tariff impact,” CEO Andy Jassy said.
Online store sales grew 6% to $57.41 billion, beating estimates, while revenue from Amazon Web Services increased 17% to $29.27 billion, slightly below projections of $29.38 billion.
Looking ahead, Amazon forecast second-quarter revenue of $159 billion to $164 billion, roughly in line at the midpoint with the $161.27 billion called for by Wall Street. However, Amazon’s projected operating income of $13 billion to $17.5 billion was largely below the analyst consensus.
CFO Brian Olsavsky said the company issued a wider outlook than it would have otherwise, amid uncertainty about consumer demand in the face of President Trump’s shifting tariff policies.
“It’s hard to tell what’s going to happen with tariffs right now,” Jassy said, adding “there’s maybe never been a more important time in recent memory than trying to keep prices low, which we’re heads down pretty maniacally focused on.”
The CEO said Amazon has taken several steps to keep prices low, including forward buys of inventory, and diversifying its supply chain.
Amazon shares fell about 3% in after-hours trading. The stock was down 13% for 2025 through Thursday’s close.
This article has been updated since it was first published to include additional information and reflect more recent share price values.
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