Amazon.com, Inc. (NASDAQ: AMZN) shares spiked more than 6% after the company announced financial results for its first quarter ended March 31, 2018, reaching a new all-time high.
According to Amazon’s report operating cash flow increased 4% to $18.2 billion for the trailing twelve months, compared with $17.5 billion for the trailing twelve months ended March 31, 2017. Net sales increased 43% to $51.0 billion in the first quarter, compared with $35.7 billion in first quarter 2017. Excluding the $1.6 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 39% compared with first quarter 2017.
Operating income increased by as much as 92% to $1.9 billion in the first quarter, compared with operating income of $1.0 billion in first quarter 2017.
Net income was $1.6 billion in the first quarter, or $3.27 per diluted share, compared with net income of $724 million, or $1.48 per diluted share, in first quarter 2017.
Jeff Bezos, Amazon founder and CEO explained in a statement, “AWS had the unusual advantage of a seven-year head start before facing like-minded competition, and the team has never slowed down… As a result, the AWS services are by far the most evolved and most functionality-rich. AWS lets developers do more and be nimbler, and it continues to get even better every day. That’s why you’re seeing this remarkable acceleration in AWS growth, now for two quarters in a row. A huge thank you to all our AWS customers, and you can be sure we’ll keep working hard for you.”