Amazon Stock Surges As Tech Giant Blows Past Wall Street Q1 Estimates
deadline.comAmazon has apparently rediscovered its mojo. The company reported $127.4 billion in revenue for the first quarter and earnings per share of 38 cents, with both metrics coming in well above Wall Street forecasts.
Amazon shares jumped 11% on the earnings report after closing the regular trading session up almost 5% to a 6-month high of $109.82.
The company said it expects revenue between $127 billion and $133 billion in the second quarter, up between 5% and 10% from the first quarter.
The guidance includes unfavorable foreign exchange rates. Operating income could be up or down depending on a range of factors unfolding during the second quarter, but will come in between $2 billion and $5.5 billion, the company said, compared with $3.3 billion a year ago. “There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy,” CEO Andy Jassy said in the earnings release, which only glancingly touched on Prime Video, Amazon Studios or the company’s other entertainment assets.
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