Amazon profits up by almost a quarter

Amazon, one of the world's largest online retailers, has reported a large increase in sales during the last quarter, fuelled by a higher demand for electronics products. US sales increased by 21% to $2.58 billion and overseas there was a 15% increase to £2.31 billion between January and March of this year, leading revenues to rise 18% to $4.89 billion compared with $4.13 billion in the same period last year.

The global net profit of the company was £177 million during the last quarter, surpassing market expectations and rising by nearly a quarter at 24% from the previous year where the first quarter net income was $143 million. The total operating cash flow of the last quarter and the three before (i.e. the last twelve months ending at the end of the last quarter) was up to $1.76 billion from $1.04 billion, and free cash flow increased 82% to $1.43 billion for the same time period.

The results show how many consumers are turning to online retailers to try and pick up better deals during the current economic downturn and Amazon expects sales to increase again during the current quarter (April to June).

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