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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, i.e. +1.1 point), compared with US$15.3 billion a year earlier.
