Amazon has reported better-than-expected growth in quarterly profits and sales, sending its shares skywards.
Editor’s Remarks: The e-commerce giant posted a steep climb in year-on-year net profits in the first quarter, from $513m to $724m, or $1.07 to $1.48, well clear of forecasted earnings of $1.08. Meanwhile, revenues jumped 23% year-on-year to $35.7bn, comfortably over the expected $35.3bn. It was particularly boosted by its cloud services: its Amazon Web Services, which provides computing power on the cloud to a large number of companies, saw $3.67bn in revenues, skies above the $2.57bn it posted in Q1 2016. Investors will have been even more chuffed than Alphabet’s, with Amazon’s share price popping 4.1% up in extended trading.
What to watch: Amazon, Jeff Bezos, Microsoft, IBM, Salesforce