Amazon stocks surge after Q1 revenue, profit wins
Amazon on Thursday reported a slowdown in its cloud computing unit AWS, but stronger-than-expected revenue and profits for the first quarter sent its stocks higher in after-hours trading
NEW YORK (AP) — Amazon on Thursday reported a continuing slowdown in its cloud computing unit AWS but stronger than expected revenue and profits for the first quarter sent its stocks higher in after-hours trading.
The Seattle-based company said it pulled in $127.4 billion in revenue for the January-March quarter, a 9% growth compared to the $116.4 billion it reported during the same period last year. Analysts surveyed by FactSet had expected $124.6 billion.
Profits came out to $3.2 billion, or 31 cents per share, higher than the $2.24 billion industry analysts had expected. It's also a strong improvement from the same period last year, when the e-commerce giant reported its first quarterly loss in years mainly driven by a loss in value of its investment in the electric vehicle company Rivian Automotive.
Amazon's stock rose 9% in after-hours trading.
