NEW YORK (AP) — Amazon on Tuesday reported strong results for the first quarter, driven by growth in its cloud-computing unit and new advertising dollars from its Prime Video streaming service.
The Seattle-based e-commerce giant said it brought in $143.31 billion in revenue in the first three months of this year, a 13% jump compared to the same period last year. Net income came out to $10.43 billion, or 98 cents per share. That soundly beat Wall Street analysts’ expectations for 84 cents a share, according to FactSet.
“It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results,” Amazon CEO Andy Jassy said in a statement.
The nation’s biggest online retailer is coming off better-than-expected results for the holiday shopping period, when it saw strong consumer spending aided by discounts and faster shipping speeds. Amazon held another discount event in late March, right before the end of the first quarter.
NBA playoffs: Edwards leads Wolves to 98
Xi Meets Kuwaiti Crown Prince, Pledging to Take Bilateral Ties to New Heights
Xi Meets Nepalese Prime Minister
ByteDance's platform takes on U.S. e
Candice Swanepoel wows in a shimmering black flared jumpsuit as she joins ab
Pioneering zone to be launched in Hunan to propel Sino
Xi Sends Congratulatory Letter to China
China, Zambia to Boost Cooperation as Ties Elevated
Britain's new bonkers EV: Callum Skye is an £80k electric buggy built in Warwickshire
World's largest energy corridor generates impressive power