Amazon's First-Quarter Revenue Surges By More Than Two-Fifths
Amazon.com Inc reported a 43% jump in first-quarter revenue on Thursday, driven by a surge in online shopping and higher demand for its cloud services.
Amazon, which reported it had over 100 million Prime subscribers last week, said its net sales rose to $51.04 billion from $35.7 billion, a year earlier.
Net income rose to $1.63 billion, or $3.27 per share, in the first quarter ended March 31 from $724 million, or $1.48 per share, a year earlier.
Revenue from Amazon Web Services (AWS), the company's fast-growing cloud services business, soared 48.6 percent to $5.44 billion, beating the average analyst estimate of $5.25 billion, according Thomson Reuters I/B/E/S.
AWS announced several new clients during the period, including GoDaddy, Cox Automotive, Shutterfly, and NextGen Healthcare.
“AWS had the unusual advantage of a seven-year head start before facing like-minded competition, and the team has never slowed down,” commented Jeff Bezos, Amazon founder and CEO.
“As a result, the AWS services are by far the most evolved and most functionality-rich. AWS lets developers do more and be nimbler, and it continues to get even better every day. That’s why you’re seeing this remarkable acceleration in AWS growth, now for two quarters in a row.”