Amazon.com Inc. (AMZN) Thursday reported first-quarter results, with both earnings and revenues trouncing Wall Street estimates, as the online retail giant continues to benefit from the ongoing COVID-19 pandemic as more and more customers shop on the e-commerce platform. Looking forward, the company issued a strong second-quarter revenue outlook, indicating that the company expects the momentum to continue.
Seattle, Washington-based Amazon’s first-quarter profit surged to $8.1 billion or $15.79 per share from $2.5 billion or $5.01 per share last year. On average, 37 analysts polled by Thomson Reuters expected earnings of $9.54 per share for the quarter.
Amazon’s sales for the quarter jumped 44% to $108.5 billion from $75.5 billion last year. Analysts had a consensus revenue estimate of $104.46 billion for the quarter.
Sales from North America jumped 40 percent to $64.4 billion from $46.1 billion last year, while international sales rose 60 percent to $30.6 billion from $19.1 billion. Meanwhile, revenues of Amazon Web Services, Amazon’s cloud service division, jumped 32 percent to $13.5 billion from $10.2 billion.
Looking forward to the second quarter, the company expects sales of $110.0 billion to $116.0 billion. Analysts currently estimate revenues of $108.68 billion.
Further, Amazon confirmed that this year’s Prime Day will take place in June. Typically, Amazon’s annual, two-day discount bonanza takes place in July, however, last year the shopping event was postponed to October due to the pandemic.
AMZN closed Thursday’s trading at $3,471.31, up $12.81 or 0.37%, on the Nasdaq. The stock further gained $115.69 or 3.33%, on the Nasdaq.
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