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Shares of Amazon.com, Inc. (NASDAQ: AMZN) are trading up almost 12 percent on Thursday’s after-hours session, following the announcement of the company’s first quarter financial results. EPS of $1.07 and revenue of $29.13 billion – up 28.2 percent year-over-year, both beat the Street’s expectation by $0.49 and $1.15 billion, respectively.
Operating income was one of the star figures, coming in at $1.1 billion, up from $255 million a year ago. Analysts were modeling operating income of $567 million instead.
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CEO and founder Jeff Bezos pointed out that Amazon-branded devices were the company’s top selling (and best rated) products, partly responsible for the large top and bottom line beats. “We’re building premium products at non-premium prices, and we’re thrilled so many customers are responding to our approach,” he stated.
Revenue was also helped by strength in Amazon’s cloud services business (Amazon Web Services or AWS) and an effective Prime loyalty program. In fact, AWS revenue rose 63.9 percent to $2.57 billion, making it the fastest growing segment.
For the ongoing quarter, ending in July, management said it expects revenue between $28 billion and $30.5 billion, mostly above consensus of $28.14 billion.
e-commerce company ChannelAdvisor estimates the online retailer’s same-store sales rose 16.4 percent year-over-year.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.