Amazon?s Sales Up 38 Percent To $9.86B in Q1, Net Income Down 33 Percent

E-commerce giant Amazon just reported first quarter 2011 result, posting $9.86 billion in the first quarter, which is up 38 percent from the same quarter in 2010. Unfortunately, Amazon's net income decreased 33% to $201 million in the first quarter, or $0.44 per diluted share, compared with net income of $299 million, or $0.66 per diluted share, in first quarter 2010. Amazon says that excluding the $144 million favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales would have grown 36% compared with first quarter 2010. Analysts expected 60 cents per share, on sales of $9.53 billion.

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