Amazon reports a tripling of Q1 earnings
Shares had a rollercoaster ride in extended trade with a 12% difference between the top and bottom of the session. While earnings and revenues rose, revenue forecasts missed bullish projections.
Earnings came in at 98 cents per share, better than the 84 cents anticipated, revenue also beat forecast, rising 13% to $143.3 billion, $700 million more than thought. Other parts of the business also did well including Amazon Web Service revenues $25 billion on estimates of $24.5 billion and advertising revenues of $11.8 billion, just beating estimates of $11.7 billion.
But the market was disappointed by Amazon's expectations for the current quarter. The company sees revenue between $144 billion and $149 billion, compared with analyst consensus expectations of $150 billion.
(AI Video Summary)
Amazon reports Q1 earnings
Amazon's Q1 profits surged, with shares experiencing volatility in extended trading. Despite beating earnings and revenue predictions with a 13% increase to $143.3 billion, their revenue forecast fell short of expectations. Earnings per share were 98 cents, surpassing the predicted 84 cents. Amazon Web Services and advertising revenues also exceeded expectations, contributing significantly to their financial performance.
Amazon's Q2 outlook dissapoints investors
However, the company's outlook for the current quarter disappointed investors, projecting revenues between $144 billion and $149 billion, below the anticipated $150 billion. This has led to mixed reactions in the market, with an 88% long sentiment on Amazon stock.
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