Amazon.com Inc. (NASDAQ: AMZN) has reported its first-quarter earnings for 2015. Expectations seemed to be very high, per our earnings preview. The online seller of anything and everything posted a loss of $0.12 per share on $22.72 billion in revenue. The Thomson Reuters consensus estimates were -$0.13 in earnings per share (EPS) on revenue of $22.43 billion, versus $0.23 EPS and $19.74 billion in revenue a year ago.

The company did have currency headwinds, just like others, a $1.3 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter. Amazon said that net sales increased 22% compared to first quarter 2014, outside of the currency issues.

Despite the net loss it reported, Amazon said that operating income rose by 74% to $255 million in the first quarter. This compares to operating income of $146 million in first quarter 2014. Amazon also ended the quarter with almost $13.8 billion in cash and equivalents. Its operating margin as a percentage of worldwide sales was 1.1% for the quarter.

As far as what to expect ahead, net sales are expected to be between $20.6 billion and $22.8 billion in the second quarter. Its operating loss is expected to be as low as $500 million, or it could have an operating profit of as much as $50 million. Thomson Reuters had estimates of -$0.16 EPS and $22.12 billion in revenue.

Jeff Bezos is still talking about growth without any mention of losses or expenses. Bezos said:

Amazon Web Services is a $5 billion business and still growing fast — in fact it’s accelerating. Born a decade ago, AWS is a good example of how we approach ideas and risk-taking at Amazon. We strive to focus relentlessly on the customer, innovate rapidly, and drive operational excellence. We manage by two seemingly contradictory traits: impatience to deliver faster and a willingness to think long term. We are so grateful to our AWS customers and remain dedicated to inventing on their behalf.

For the trailing 12 months, Amazon said that its operating cash flow increased 47% to $7.84 billion, compared with $5.35 billion for the trailing 12 months ended March 31, 2014. Free cash flow increased to $3.16 billion for the trailing 12 months, compared with $1.49 billion for the trailing 12 months ended March 31, 2014.

Amazon shares closed up 17 cents at $389.97, and its 52-week trading range is $284.00 to $394.60. The consensus analyst price target is $402.17. Shares were down in the after-hours by less than 1% at first and then by about 3% to $376 or so, but this is likely unfinished business until the Q&A session of the conference call has ended.

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