Amazon Posts Strong Sales Growth In 1Q 2016

Online retailer Amazon.com, Inc. reported net sales grew 28 percent to $29.1 billion in the first quarter of 2016, compared with $22.7 billion in the same quarter of 2015. Net sales would have increased 29 percent, minus the $210 million unfavorable impact from foreign exchange rates fluctuations during the quarter. Operating income for the quarter reached $1.1 billion, compared with $255 million in 2015. Net income was $513 million, or $1.07 per diluted share, compared with net loss of $57 million in the previous year.