Amazon (AMZN) - Get Amazon.com, Inc. Report shares are rising after hours Thursday after the company beat earnings estimates by a wide margin as it more than doubled its first quarter net income from a year ago.
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The Seattle-based company reported sales of $59.7 billion and earnings of $7.09 per share. Analysts were expecting the company to report revenue of $59.7 billion on earnings of just $4.70 per share.
Net income for the period jumped to $3.6 billion from $1.6 billion a year ago, while revenues increased 17%.
The company provided second quarter revenue guidance of between $59.5 billion and $63.5 billion, which at its midpoint is below consensus estimates of $62.4 billion. Amazon also said it expects second-quarter operating income to be $2.6 billion to $3.6 billion, which at its midpoint is below a $4.19 billion consensus estimate, potentially signaling higher-than-expected spending.
The company announced that Fire TV now has more than 30 million active users and that its new Kindle device will retail for $89.99.
Amazon shares are up 1.6% after hours. The stock has gained nearly 30% year to date.
Amazon is a key holding in Jim Cramer's Action Alerts PLUS charitable trust.