4/26/2018, 10:06 PM (Source: TeleTrader)
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Amazon reports 43% rise in revenue YoY to $51B in first quarter

E-commerce giant, Inc. reported its diluted earnings per share in the first quarter of 2018 were $3.27, significantly above analyst projections, on net income of $1.6 billion. In the update released on Thursday, the company said revenue was up 43% year over year to $51 billion, above market expectations as well. Upon the release of its financial report, shares of Amazon soared over 7% in after-hours trading.

Meanwhile, Amazon Web Services, the company's cloud computing platform, experienced an increase of 49% in net sales amounting to $5.44 billion in the same period, the report revealed, contributing around 11% of the company's total revenue. "AWS had the unusual advantage of a seven-year head start before facing like-minded competition, and the team has never slowed down," Amazon founder and chief executive officer Jeff Bezos commented on the success. As a result, he claimed, AWS services are "by far the most evolved and most functionality-rich," accounting for the division's immense growth these past two quarters.

Breaking the News / JC