Amazon Sales up 38%, Earnings Slide 33 % in First Quarter

Amazon.com(NASDAQ:AMZN) announced Tuesday financial results for its first quarter, with a sale up 38% to $9.86 billion and a sharp drop of earnings despite sales that came in above Wall Street’s expectations.

In the first quarter ended March 31, Amazon earnings of $201 million, or 44 cents a share, compared to earnings of $299 million, or 66 cents a share, for the same period last year. Revenue jumped 38 percent to $9.86 billion. Operating income was $322 million in the first quarter, compared with $394 million in first quarter 2010.

"In the last 90 days, we announced Kindle with Special Offers, Kindle Library Lending, Audible audiobooks on Kindle, Appstore for Android, Amazon for Windows Phone 7, Checkout by Amazon in both Germany and the U.K., a Kindle Store in Germany, Cloud Drive, Cloud Player, and Prime Instant Video – just to call out a few of the things we’ve been working on," said Jeff Bezos, founder and CEO of Amazon.com. "We love inventing on behalf of customers and have never been more excited about the long-term opportunities."

For the second quarter, Amazon.com predicted operating earnings to come in between $95 million and $245 million.

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