Amazon stock surges to record high on monster earnings report

Mae Love
April 26, 2018

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 world's largest online retailer projected operating income in the current quarter of $1.1 billion to $1.9 billion on revenue of $51 billion to $54 billion.

The company's revenue for the quarter rose 42.9% to $51.04 billion from $35.71 billion past year.

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Amazon shares jumped more than 6 per cent in extended trading, after closing at $US1.517.96 in NY. Revenues reached $51 billion - exceeding forecasts of $49.9 billion. Its earnings per share were nearly triple the $1.24 per share analysts expected, according to FactSet.

Amazon, famous for posting slim profits as its invests in the expansion of new and existing businesses, posted net income of $1.6 billion, just shy of the $1.9 billion haul taken in during the 2017 holiday shopping season. That's why you're seeing this remarkable acceleration in AWS growth, now for two quarters in a row. A series of critical tweets from President Donald Trump about sales taxes and U.S. Postal Service rates briefly blunted its stock market momentum earlier this year.

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