Seattle, Wash. — In its latest financial results, the e-commerce giant reported significant growth during the first quarter, outperforming analysts’ expectations across several key metrics. Net sales reached approximately $155.67 billion, marking an increase of 8.6% compared to the same quarter last year and surpassing estimates of $155.16 billion.

Sales from online stores contributed notably to this growth, generating $57.41 billion, which is a 5% rise year-over-year. This also outpaced forecasts that had anticipated $56.85 billion. In contrast, physical store sales, while smaller, also saw a notable increase, reaching $5.53 billion, a 6.4% jump compared to the previous year and exceeding estimates of $5.41 billion.

Another revenue stream, the third-party seller services segment, recorded $36.51 billion in sales, reflecting a 5.5% year-over-year growth, though slightly below the expected $36.98 billion. Subscription services also experienced a robust performance, achieving $11.72 billion, a 9.3% year-over-year increase and surpassing a targeted $11.65 billion.

Amazon Web Services (AWS), the company’s cloud computing division, demonstrated strong growth as well, with net sales of $29.27 billion, up 17% from the previous year but slightly under the forecast of $29.36 billion. North American sales totaled $92.89 billion, representing a 7.6% increase, while international sales were reported at $33.51 billion, a 4.9% rise.

Looking ahead, the company projected its second-quarter operating income to be between $13 billion and $17.5 billion, with net sales anticipated to fall within the range of $159 billion to $164 billion. Analysts had initially expected operating income of $17.82 billion and net sales of approximately $161.42 billion.

Operating income for the first quarter was reported at $18.41 billion, a 20% increase year-over-year, surpassing projections of $17.51 billion. The operating margin also improved, reaching 11.8%, compared to 10.7% during the same time last year and outpacing expectations of 11.2%.

The company also noted its fulfillment expenses rose to $24.59 billion, a 10% increase from the previous year. This was higher than the anticipated $23.78 billion. Meanwhile, metrics indicating the mix of seller units remained consistent at 61%, on par with last year’s figures but lower than estimates of 61.8%.

Overall, the financial results reflect the company’s resilience and adaptability in a challenging economic landscape, paving the way for strategies aimed at maintaining growth in the coming quarters.