Thriving on the COVID-driven spike in e-commerce activity, Amazon.com, Inc. (NASDAQ: AMZN) reported a 44% growth in first-quarter sales. The results topped expectations, driving the retailer’s stock higher on Thursday evening.
Online store sales, which accounts for about half of total revenues, climbed 44% in the March quarter. At $108.5 billion, net sales were up 44% year-over-year and well above analysts’ forecast.
First-quarter net income more than tripled to $8.1 billion or $15.79 per share from $2.5 billion or $5.01 per share in the corresponding period of 2020. The latest number also surpassed estimates.
Amazon’s market value grew 9% since the beginning of the year. The strong earnings report triggered a rally and the stock gained during Thursday’s extended trading session.
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