Amazon (NASDAQ:AMZN) blew away expectations with its first quarter results as sales soared – especially sales of its own products.
Net sales increased 28 percent to $29.1 billion in the first quarter, compared with $22.7 billion in first quarter 2015. The company even posted a profit of $513 million compared with a loss of $57 million the same quarter last year.
"Amazon devices are the top selling products on Amazon, and customers purchased more than twice as many Fire tablets than first quarter last year," said Jeff Bezos, founder and CEO of Amazon.com. "Earlier this week, the $39 Fire TV Stick became the first product ever – from any manufacturer – to pass 100,000 customer reviews, including over 62,000 5-star reviews, also more than any other product ever sold on Amazon. Echo too is off to an incredible start, and we can't yet manage to keep it in stock despite all efforts. We're building premium products at nonpremium prices, and we're thrilled so many customers are responding to our approach."
Highlights according to Amazon include the addition of new Alexa-enabled devices, new Kindle e-readers, new content available through Amazon streaming services and the addition of dozens of new Dash buttons.
Sales of Amazon products, particularly the Alexa-enabled devices, are a very bright spot for the retailer. Echo owners are considered affluent: 35 percent have an average household income of more than $100,000, and they spend 7 percent more on Amazon than non-Echo owners, according to Slice.