Amazon’s isn’t growing as fast is it used to, but it’s profiting a lot more than before. For its first quarter, Amazon…
Amazon’s isn’t growing as fast is it used to, but it’s profiting a lot more than before.
For its first quarter, Amazon reported on Thursday a fourth straight record profit, reaching $3.6 billion, or $7.09 a share, and trouncing analyst estimates of $4.72 a share while soaring past its year earlier income of $1.6 billion, or $3.27 a share.
Revenue rose 17%, to $59.7 billion, at the higher end of the company’s guidance of $56 billion to $60 billion.
The company expects to post $59.5 billion to $63.5 billion in revenue in its current quarter, compared with $62.4 billion predicted by analysts polled by Yahoo Finance.
Amazon finance chief Brian Olsavsky said on a call with reporters Thursday that the huge earnings growth stemmed in part from lower-than-expected costs and squeezing more efficiencies from Amazon’s warehouses.
“[We] probably overestimated a bit in how much we would spend and hire in the first quarter,” he said, but he warned that such spending should rise later this year.
The world’s biggest e-commerce company reported its latest numbers after going through a rough start to 2019.
