Explore the latest developments concerning Amazon earnings beat.
Amazon earnings beat expectations with strong cloud growth
Amazon on Wednesday posted better-than-expected earnings and revenue for the first quarter, and reported cloud sales that topped analysts' expectations.
The stock was up more than 4%, after bouncing around in extended trading.
Here's how the company did, compared with estimates from analysts polled by LSEG:
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%.
Amazon and other big tech companies have been trying to justify their hefty artificial intelligence spending, which could approach $700 billion in 2026. Amazon in February projected its capital expenditures will reach $200 billion in 2026, a sharp increase from last year.
Amazon Q1 earnings put the spotlight on AI spending and revenue
Amazon (AMZN) reported first quarter revenue and earnings per share that topped Wall Street estimates, with AWS posting its fastest growth in 15 quarters as the e-commerce giant continues its massive artificial intelligence build-out.
Amazon stock was down 0.8% in extended trading after initially rising following the report, then falling as much as 7% before recovering most of those losses.
The company reported earnings per share of $2.78, up from $1.59 a year ago. Revenue was $181.5 billion, up from $155.7 billion in the same quarter last year.
Analysts had expected earnings per share of $1.62 on revenue of $177.2 billion, according to Bloomberg consensus estimates.
Amazon’s all-important AWS cloud business generated $37.6 billion in revenue, ahead of estimates for $36.7 billion. AWS revenue excluding foreign exchange grew 28%, above expectations for 25.7% growth.
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