Amazon makes $22.72 billion

Jeff Bezos, Amazon - pic Wikimedia CommonsAmazon sold $22.72 billion worth of kit and services during its first financial quarter – up from the $19.74 billion it made in the same period last year.

But, like other US corporations, it took a hit of $1.3 billion because of the strength of the US dollar against other currencies.

Nevertheless, its net sales rose by 22 percent compared to the same quarter last year.

It made a net loss of $57 million in its first quarter.

CEO Jeff Bezos – pictured – pointed to the success of Amazon Web Services in a prepared statement.

Bezos said: “AWS is a $5 billion business and still growing fast. Born a decade ago, AWS is a good example of how we approach ideas and risk taking at Amazon.”

As we reported yesterday, Amazon Web Services poses a real threat to old guard players such as IBM and Microsoft.

During the quarter it introduced unlimited cloud storage with its Cloud Drive. SWS also introduced marketplace for desktop apps which lets customers choose from over 100 applications and pay by the month.

Despite the fact that Amazon appears to continue to make losses, its share price stood at $389.99 at close of play yesterday on Wall Street.

* Amazon introduced a shopping app for the Apple iWatch today.