Amazon Stock Jumps on First Quarter Profits Gain

The e-commerce giant grew revenue during the period to $35.7 billion.

Amazon shares shot up nearly 5 percent Thursday afternoon after the company reported first quarter earnings and revenue above what analysts were anticipating. 

For the first three months of the year, Amazon had sales of $35.7 billion, up from $29.1 billion in the same period last year. Net income for the quarter was $1.48 per share. 

Wall Street, polled by Thomson Reuters, expected the e-commerce giant to report earnings of $1.12 per share, excluding some items, and revenue of $35.3 billion. 

Amazon CEO Jeff Bezos highlighted the company’s growth in India in a statement, noting that the company has announced 18 original television series in the country and has released a Fire TV Stick for Indian customers with voice search available in English and Hindi. 

“We’re grateful that customers are responding — is the most visited and the fastest growing  marketplace in India. It’s still Day 1 for e-commerce in India, and I assure you that we’ll keep investing in technology and infrastructure while working hard to invent on behalf of our customers and small and medium businesses in India.” 

During the first quarter Amazon won its first Oscars, including best actor for Casey Affleck’s performance in Manchester by the Sea. It also announced plans to stream a package of the NFL’s Thursday Night Football games next season. 

Next quarter, Amazon is expecting sales between $35.25 billion and $37.75 billion. 

Amazon stock closed the day up 1 percent to $918.99. 

More to come.

Source: hollywood (technology)

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