[Amazon results] A strong first quarter, boosted by the anticipation of tariff increases?

Amazon reports a solid Q1 2025, but tariff uncertainty threatens stability. Driven by the cloud, the marketplace, e-commerce and advertising, total sales rose by almost 9%. The group, which converted part of the investment in Anthropic into shares, saw net margin jump seven times faster than sales.

Through Sara Chaouki, Sophie Baqué. Published on 12 May 2025 à 11h16 - Update on 23 July 2025 à 19h00

On May 1 2025, Amazon published financial results for the first quarter 2025 (to March 31).  Sales, at US$155.7 billion, compared with US$143.3 billion a year earlier, rose by 8.6% at constant rates in the quarter, above Wall Street expectations. This was less than the annual results in 2024, when sales rose by 11% at constant exchange rates. Many analysts felt that Q2 forecasts were cautious, particularly given the uncertainty surrounding the impact of tariffs on imports from China, the heart of the platform’s offering. Product sales (online and in physical shops) continued to decline, offset by the rise in services (especially advertising).

Asymmetrical performance: net margins soared, sales grew modestly

Amazon’s profitability improved in Q1 2025. Operating margin grew by 20% to US$18.4 billion (or a ratio of 11.8% of sales,…

Sara Chaouki, Sophie Baqué