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Amazon shares rose as much as 3% in post-close trade Thursday April 29th, after the company released its first-quarter earnings, beating Wall Street’s earnings and revenue expectations.
The company made profits of $15.79 per share, compared to expectations of $9.54 per share, and revenues of $108.52 billion compared to expectations of $104.47 billion.
And few companies have benefited from the online shopping boom fueled by the pandemic, such as Amazon.
The company’s first-quarter results showed continued support for the company’s business due to the epidemic, with revenues rising 44% year-on-year to $108.5 billion.
And Amazon indicated that it expects momentum to continue in the second quarter, which should help assuage investor concerns that business may slow down in the post-pandemic environment.
The company expects to generate revenues between $110 billion and $116 billion, beating Wall Street’s forecast of $108.6 billion.
Outside of the company’s core retail segment, Amazon’s cloud computing and advertising business continues to thrive.
Amazon Web Services saw net sales of $13.5 billion during the quarter, up 32% year-on-year
The company does not disclose ad sales, but it is included in the “other” category of the company, which has seen its revenue grow 77% year-on-year to $ 6.9 billion.
