Amazon releases record Q1 results: Amazon Inc (NASDAQ:AMNZ) released record financial results for the first quarter of fiscal 2018.
The results boasted a 43% rise in sales, along with several other examples of the company’s significant financial growth.
Sales reached $51 billion, while sales for the first quarter of 2017 were $35.7 billion and overall net sales increased by 39% compared with the results of 2017.
Operating cash flow also went up by 4%, from $17.5 billion of the previous year to $18.2 billion and net income increased from $724 million, in the first quarter of 2017, to $1.6 billion.
Founder and CEO of Amazon, Jeff Bezos, has said that the company’s “services are by far the most evolved and most functionality-rich.”
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Predictions for the second quarter include an increase in net sales between $51.0 billion and $54.0 billion.
Highlights from Amazon’s first quarter included updates of its virtual assistant, Alexa, for the Amazon Echo and Amazon Dot systems.
The company has introduced Whole Foods deliveries to 10 cities in the United States. Amazon customers within these cities are able to get free two-hour delivery of Whole Foods items.
Amazon Prime members with the Amazon Prime Rewards Visa Card are eligible to get 5% back on their Whole Foods purchases.
>>>Four Cities to Get Whole Foods Deliveries Via Amazon Prime
According to Bezos Amazon is seeing this accelerated growth because it lets “developers do more and be nimbler, and it continues to get even better every day.”
The company was recognized as one of the most desirable places to work in the US by LinkedIn.
Shares of the online retail company went up by up to 5% on Friday and have already reached a high of $1638.10.
Compared to Thursday’s closing value of $1517.96, this is a significant jump for Amazon.
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