Amazon.com Inc (NASDAQ:AMZN) has posted first quarter sales and earnings that beat analysts’ estimates, driven by strong demand in its e-commerce and cloud-computing businesses.
Sales jumped 23% to US$35.7bn, exceeding market forecasts of US$35.3bn.
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Net income came to US$724mln, or US$1.48 per share, compared to US$513mln, or US$1.07 per share, a year ago. Analysts had expected earnings per share of US$1.08.
The company’s retail unit has been taking market share away from major department stores as more consumers turn to internet commerce.
The Amazon Web Services arm reported a 42% increase in sales to US$3.66bn, as it pulled in more small businesses and large enterprises to its cloud platform.
The group forecast second quarter sales of between US$35.25bn and US$37.75bn, compared to analysts’ expectations of US$37bn.