By ANNE D’INNOCENZIO
NEW YORK (AP) — Amazon posted higher first-quarter profits and sales, but the online juggernaut issued a tempered sales outlook amid uncertainty about President Donald Trump’s tariffs.
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The Seattle-based company said that it earned $17.13 billion, or $1.59 per share, for the quarter ended March 31. That compares with $10.43 billion, or 98 cents a share, in the year-ago period.
Revenue rose 9% to $155.7 billion, up from $143.3 billion from the year-ago period.
Analysts were expecting $1.37 per share on revenue of $155.147 billion, according to FactSet.
The company expects sales in the second quarter to be in the range of $159 billion to $164 billion.
Amazon’s results come as Trump’s erratic trade policies — including 145% tariffs on China — have paralyzed businesses and threatened to raise prices and hurt consumers. However, big companies like Amazon are expected to navigate the climate better than small retailers. Experts say that retailers are heading into key shipping periods, starting with the back-to-school season, and many have paused some shipments, creating worries there could be shortages starting later this summer.
Amazon shares fell nearly 3% in after-hours trading on Thursday.
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