Amazon Shares Surge Following Blowout First Quarter Results

Amazon shares surged in after-hours trading on Thursday after the web giant posted stellar first quarter earnings.

Author:: Scott Gamm
Publish date:: Apr 28, 2016 4:42 PM EDT

Amazon (AMZN) - Get Report shares surged in after-hours trading after reporting stellar first quarter earnings. Net income stood at $1.07 a share, beating estimates of $0.58 a share and ahead of the $0.12 a share loss the company posted during the same quarter last year. Meanwhile, revenue came in at $29.13 billion, eclipsing forecasts of almost $28 billion and an increase from the $22.7 billion the company booked in the year ago quarter. Amazon Web Services sales stood at $2.57 billion for the quarter, compared to $1.57 billion last year. The company's loss in its international segment was slimmer than last year. This quarter, it posted a loss of $121 million, compared to $194 million during first quarter of 2015. TheStreet's Scott Gamm reports from Wall Street.