Amazon stock got a boost late Tuesday, after the e-commerce and cloud-computing behemoth reported first-quarter earnings and sales that exceeded expectations. However, Amazon’s guidance for the current quarter came in below expectations.
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Amazon (AMZN) said that it earned 98 cents per share on sales of $143.3 billion for the March-ending quarter. On average, analysts projected the Seattle-based company would earn 84 cents per share on sales of $142.7 billion, according to FactSet.
For the same period a year earlier, Amazon posted earnings of 31 cents per share on sales of $127.4 billion.
Further, sales for the company’s Amazon Web Services cloud-computing division grew 17% year-over-year to $25 billion in the quarter. That beat consensus expectations of roughly 15% year over year sales growth for the closely-watched business.
For the current quarter, Amazon guided for sales between $144 billion and $149 billion. Meanwhile, analysts were looking for $150.12 billion in sales for the June-ending quarter, according to consensus estimates from FactSet.
On the stock market today, Amazon stock is up more than 1% at 177 in recent after-hours action.
More earnings coverage to come.
Amazon Stock: Technical Ratings
Prior to earnings, Amazon stock fell 3.3% in regular Tuesday trading. Shares have gained 15% this year and 65% in the past 12 months.
Coming into the report, Amazon stock had an IBD Composite Rating of 94 out of a best-possible 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better.
Further, Amazon’s IBD Relative Strength Rating was 92 out of 99.
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