Amazon.com says its net income declined in the first three months of the year even though revenue increased 22 percent, as its expenses continued to grow.
Amazon.com Inc. says it earned $82 million, or 18 cents per share, in the first quarter. That's down 37 percent from $130 million, or 28 cents per share, in the same period a year earlier. But it's higher than the 7 cents expected by analysts polled by FactSet.
Revenue rose 22 percent to $16.07 billion, from $13.19 billion. Analysts expected $16.14 billion.
Amazon's operating expenses rose 22 percent to $15.9 billion, from $13 billion.
Amazon says it expects revenue of $14.5 billion to $16.2 billion for the current quarter. Analysts had expected $15.92 billion.
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