Amazon reports Q1 EPS 31c with Rivian loss, consensus 21c

Reports Q1 revenue $127.4B, consensus $124.55B. "There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy. Our Stores business is continuing to improve the cost to serve in our fulfillment network while increasing the speed with which we get products into the hands of customers (we expect to have our fastest Prime delivery speeds ever in 2023). Our Advertising business continues to deliver robust growth, largely due to our ongoing machine learning investments that help customers see relevant information when they engage with us, which in turn delivers unusually strong results for brands. And, while our AWS business navigates companies spending more cautiously in this macro environment, we continue to prioritize building long-term customer relationships both by helping customers save money and enabling them to more easily leverage technologies like Large Language Models and Generative AI with our uniquely cost-effective machine learning chips, managed Large Language Models, and AI code companion CodeWhisperer. We like the fundamentals we’re seeing in AWS, and believe there’s much growth ahead," said Andy Jassy, Amazon CEO. Net income was $3.2B in the first quarter, or 31c per diluted share. First quarter 2023 net income includes a pre-tax valuation loss of $0.5 billion included in non-operating expense from the common stock investment in Rivian Automotive (RIVN), compared to a pre-tax valuation loss of $7.6B from the investment in first quarter 2022.