Seattle-based online behemoth Amazon.com (NASDAQ: AMZN) suffered from the good news/bad news syndrome. The good news? Revenue for the quarter ended March 31 rose 24% to $1.9 billion, compared to $1.53 billion last year.
The bad news? Net income fell 30% from $111 million last year to $78 million this year. A 40% increase in Amazon’s operating expenses and changes in accounting rules for stock options ate into the bottom line.
North American segment sales, which include Amazon’s U.S. and Canadian Websites, rose 21% to $1.03 billion. Operating income decreased 13% to $66 million from $76 million last year.
International segment sales, representing Amazon’s U.K., German, French, Japanese and Chinese sites, were increased 28% to $875 million. Operating income increased 51%, to $62 million, compared with $41 million last year.