Amazon Profit Forecast Tops Analysts' Estimates on Prime Growth

Amazon's first-quarter results trounce estimates

Amazon shares surge after profit forecast tops analyst estimates

Amazon reported first-quarter earnings after the bell on Thursday, sending shares up 7% in after-hours trading after its significantly better-than-expected report.

The company reported $3.27 in earnings per share (EPS) on $51.0 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $1.27 in EPS on $49.87 billion in revenue. Its earnings per share of $3.27 were nearly triple the $1.24 per share analysts expected, according to FactSet.

The growth was driven by its Amazon Web Services (AWS) cloud computing business, which was up 49% year-over-year, accounting for $5.4 billion in revenue.

Amazon's stock jumped more than 6 percent to almost $1,613 a share.

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Subscription services, which include Amazon's popular Prime offering, generated revenue of $US3.1 billion, up 56 per cent from a year earlier. Analysts had previously forecast sales of $52.27 billion.

Operating income guidance (Q2): $1.1 billion to $1.9 billion.

AWS had the unusual advantage of a seven-year head start before facing like-minded competition, and the team has never slowed down.

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