Amazon Beats Q1 Earnings Expectations, AWS Growth Hits 3-Year High
Stock falls 1% in extended trading despite revenue beat; company issues strong Q2 guidance
Amazon on Wednesday posted better-than-expected earnings and revenue for the first quarter, and reported cloud sales that topped analysts' expectations. The stock fell more than 1% in extended trading. Here's how the company did, compared with estimates from analysts polled by LSEG: Earnings per share: $2.78 vs. $1.64 Revenue: $181.52 vs. $177.30 billion Wall Street was also looking at other key revenue numbers: Amazon Web Services: $37.59 billion vs. $36.64 billion, according to StreetAccount Advertising: $17.24 billion vs. $16.87 billion, according to StreetAccount Revenue in Amazon's cloud segment increased 28% year over year to $37.59 billion, marking its fastest growth in more than three years. Wall Street had expected AWS sales to grow 26%. For the current quarter, Amazon said it expects sales to come in between $194 billion and $199 billion. Analysts polled by LSEG were expecting $188.9 billion. This is breaking news. Please check back for updates.
