Amazon Surges After Profit, Cloud-Unit Sales Top Estimates
- Company’s expenses increased at slowest rate in a decade
- E-commerce giant reports quarterly sales of $127.4 billion
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Amazon.com Inc. reported quarterly profit that topped estimates as cost cuts and surprisingly strong sales in the cloud-computing division helped the e-commerce giant weather an uncertain economy. The shares were little changed in extended trading, giving back earlier gains of as much as 12%.
First-quarter revenue increased 9.4% to $127.4 billion, the company said Thursday in a statement, above expectations for $124.7 billion. Operating income was $4.8 billion. Analysts, on average, projected $3 billion.