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Amazon reported first quarter earnings after the bell on Thursday. The company shattered earning expectations, reporting $1.48 per share, when Wall Street was expecting $1.12. Net income stood at $724 million.<\/p>\n
Revenue came in at $35.71 billion,\u00a0above the $35.30 billion that analysts were forecasting and up 23% from last year. Shares quickly soared 5% in initial after-hours trading.<\/p>\n
However, operating income declined 6% to $1 billion for the quarter.\u00a0Investors had been hoping to see operating margin expansion in North America.<\/p>\n
In a statement, CEO Jeff Bezos spoke about their optimism in India, a large market opportunity for growth. \u201cOur India team is moving fast and delivering for customers and sellers. The team has increased Prime selection by 75% since launching the program nine months ago, increased fulfillment capacity for sellers by 26% already this year, announced 18 Indian Original TV series, and just last week introduced a Fire TV Stick optimized for Indian customers with integrated voice search in English and Hindi,\u201d\u00a0he said.<\/p>\n
eBay, Tencent and Microsoft recently made a big bet<\/a> on Amazon\u2019s India competitor, Flipkart.<\/p>\n AWS, the cloud service platform, saw substantial growth, accounting for $3.7 billion for the quarter. This compares to $2.6 billion in the same period last year or up 43%. Growth is slowing, however. The same category saw 64% growth the year before.<\/p>\n Amazon shares are up 51% in the past year. The company\u2019s market cap is $439 billion.<\/p>\n Featured Image: Mark Wilson\/Getty Images<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gettyimages-649082988.jpg?w=680\")
Amazon reported first quarter earnings after the bell on Thursday. The company shattered earning expectations, reporting $1.48 per share, when Wall Street was expecting $1.12. Net income stood at $724 million.
\nRevenue came in at $35.71 billion,\u00a0above the $35.30 billion that analysts were forecasting and up 23% from last year. Shares quickly soared 5% in initial after-hours trading.
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