NEW YORK (TheStreet) -- Amazon.com  (AMZN - Get Report) stock is soaring by 12.33% to $676.25 in after-hours trading on Thursday, after the company reported 2016 first quarter earnings and revenue well above analysts' expectations. 

After the market close, the e-commerce giant reported adjusted earnings of $1.07 per share, topping analysts' estimates for 58 cents per share.

Revenue increased by 28% year-over-year to $29.1 billion in the most recent period, beating analysts' estimates for $27.98 billion.

Sales within the company's key Amazon Web Services business climbed to $2.57 billion during the first quarter, up from $1.57 billion in the year-ago period.

North American sales increased to $16.99 billion, while international sales grew to $9.57 billion. Analysts had forecast for North American sales of $16.5 billion and international sales of $8.96 billion, CNBC.com reports, citing StreetAccount.

For the second quarter, Amazon.com anticipates that revenue will range between $28 billion and $30.5 billion, representing growth between 21% and 32% year-over-year.

Wall Street is looking for second-quarter revenue of $28.33 billion. 

(Amazon.com is held in the Growth Seeker portfolio. See all holdings here.)

Separately, TheStreet Ratings team rates the stock as a "hold" with a rating score of C.

Amazon.com's strengths such as its impressive record of earnings per share growth, compelling growth in net income and robust revenue growth are countered by the fact that the company has favored debt over equity in the management of its balance sheet.

You can view the full analysis from the report here: AMZN

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.