Amazon Now Trading up More Than 15%

Shares of Amazon.com

are soaring on Friday after the company's first quarter earnings report. The stock has been rising throughout the trading session and is sitting near intra-day highs. At last check, AMZN was up 15.04% to $225.47. The 52-week high in the name is up at $246.71. Amazon reported net income of $130 million or $0.28 per share, compared to $201 million or $0.44 per share, in the year ago period. This came in well ahead of Wall Street analysts' consensus EPS estimates of $0.07. Net sales in the quarter were up 34% to $13.19 billion compared to $9.86 billion last year. This also came in ahead of Street consensus estimates of $12.90 billion. Looking ahead, Amazon forecast net sales of $11.9 billion to $13.3 billion, representing a growth of 20% to 34% as compared to the second quarter of 2011. Currently, Wall Street analysts have consensus revenue estimates of $12.82 billion for the second quarter. Amazon also expects operating income between a loss of $260 million and a profit of $40 million.