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Amazon's first-quarter revenue, profit trounce estimates

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Reuters
(Reuters) - Amazon.com Inc reported first-quarter revenue and profit on Thursday that trounced analysts' estimates, driven by a surge in online shopping and higher demand for its cloud services.
Amazon, whose shares were up 7.1 percent in after-hours trading, forecast net sales of between $51 billion and $54 billion for the current quarter.
Net sales in North America, its biggest market, jumped 46.4 percent to $30.73 billion in the latest quarter.
Amazon, which reported it had over 100 million Prime subscribers last week, said its net sales rose to $51.04 billion from $35.7 billion, a year earlier, beating the average analyst estimate of $49.78 billion.
Revenue from Amazon Web Services (AWS), the company's fast-growing cloud services business, soared 48.6 percent to $5.44 billion, beating the average analyst estimate of $5.25 billion, according Thomson Reuters I/B/E/S.
Amazon's total operating expenses rose 41.5 percent to $49.12 billion, as the company invests heavily into expanding its Prime program, creating original video content and building its warehouse and delivery infrastructure.
(Reporting by Arjun Panchadar in Bengaluru; Editing by Bernard Orr)

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First Published: Apr 27 2018 | 1:53 AM IST

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