Amazon Touts Media Deals As Q1 Earnings Fall
The numbers are mixed but encouraging enough to lift Amazon shares about 1.4% in after-market trading. The e-retailer generated $82M in net income, -36.9% vs the period last year, on revenues of $16.1B, +21.9%. Analysts expected revenues to come in just a little higher at $16.2B. But diluted earnings per share at 18 cents were twice as high as the Street forecast. Media sales in North America were up 14% to $2.5B, and worldwide were +7% to $5.1B. North American electronics and other general merchandise were up 28% to $6.1B, with worldwide sales +28% to $10.2B. CEO Jeff Bezos used the earnings release to talk up Amazon’s new effort to greenlight TV shows. “The pilots are out in the open where everyone can have a say,” he says. “I have my personal picks and so do members of the Amazon Studios team, but the exciting thing about our approach is that our opinions don’t matter. Our customers will determine what goes into full-season production. We hope Amazon Originals can become yet another way for us to create value for Prime members.” The report also highlighted streaming licensing agreements with A+E Networks, CBS, FX, PBS, and Scripps Networks.
Related: Amazon Studios Puts Its 14 Pilots Online
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