Amazon’s First Quarter Revenue Rises 44% To $108.52 Billion U.S.

Online retail giant Amazon.com (NASDAQ:AMZN) obliterated analyst expectations with its first-quarter results.

The Seattle-based company reported that its revenue in the first quarter rose 44% to $108.52 billion U.S. compared to the consensus expectation of analysts who forecast revenue of $104.47 billion U.S.

Earnings came in at $15.79 U.S. per share versus $9.54 U.S. per share that analysts had expected. It was the second consecutive quarter that Amazon earned more than $100 billion U.S. of revenue.

And the company provided bullish forward guidance despite the fact that vaccine rollouts raise the prospect of a return to pre-pandemic shopping habits in the U.S. Amazon forecasts that its sales will be between $110 billion U.S. and $116 billion U.S. in the current quarter that ends June 30.

Outside of its core retail business, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Services saw net sales of $13.5 billion U.S. during the quarter, up 32% year-over-year. Amazon doesn’t breakout advertising sales, but they are included in the company’s “Other” category, which saw its revenue grow 77% from a year earlier to $6.9 billion U.S.

Amazon shares rose nearly 5% in extended trading after the company announced its first quarter earnings, putting the stock on course for a record when trading opens on Friday (April 30). Amazon shares have gained about 45% in the past 12 months.

Amazon said its “Prime Day,” when the company offers deals to its Prime members, will take place in the second quarter. That may give the company’s spring results a boost, analysts say.