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

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 estimates — analysts 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.
— Foreign exchange swings contributed $.18 billion to the top line.

Release | Webcast (5:00 PM ET)

Conference call: Despite their best efforts, analysts couldn’t get Amazon CEO Jeff Bezos to say something negative about the economy. In responding to multiple question, he maintained:”We’re seeing what’s in our business, which is some pretty good strengths across our categories.” Later on he noted: “If you compare our growth rate in Q1, on a dollar basis or ex-(foreign) exchange, we had an acceleration compared to last year.” Unsurprisingly, the company didn’t have much to say on the digital initiatives mentioned this morning. I commented then that eventually the company would have to say more than that it’s “very happy” with its digital efforts. Well, Bezos said they’re “extremely happy”, and then he apologized for not breaking out any of this further. Bezos didn’t elaborate on the cause of recent Kindle shortages, but he promised that it’s now been solved and that Kindles are in stock.