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Earnings: Amazon Q1 Revs Up 37 Percent; Net Income Up 30 Percent; Stock Slips

This story was written by Joseph Weisenthal.

Amazon (NSDQ: AMZN) has reported Q1 revenue of $4.13 billion, a 37 percent increase from $3.02 billion. Net income was up 30 percent to $143 million ($.34 per share) from $111 million ($.26 per share). The results are ever so slightly ahead of estimatesanalysts had been calling for $.32 per share, so that's a modest beat. But the company is quickly trading down after hours, as expectations had been higher. Looking ahead, the company sees Q2 revs of $3.875-$4.075 billion and FY08 revenues of $19.1-$20 billion. Both are basically within the range of what analysts had been expecting. Some highlights:

-- North America sales were up 31 percent to $2.13 billion, still a little more than half of the total.
-- Worldwide media sales were up 28 percdent to $2.54 billion.
-- As usual, there's little information on the company digital initiatives, though the company said another 35,000 developers signed up for its web services, bringing its total to 370,000.

More to come

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By Joseph Weisenthal

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