NEW YORK (AP) — Amazon’s push into advertising and cloud computing is paying off, helping the online shopping giant’s first quarter profit more than double from a year ago.
The Seattle-based company on Thursday reported net income of .56 billion, or .09 per share, for the first three months of the year.
That beat expectations of .61 per share, according to Zacks Investment Research. In the same time a year ago, it reported net income of .63 billion, or .27 per share.
Revenue rose 17% to 9.7 billion, which also beat Wall Street expectations.
At its cloud computing business, called Amazon Web Services, revenue soared 41%.
The company doesn’t say exactly how much its advertising business makes. Instead it lists it as part of its “other” revenue, which jumped 34% from a year ago.
For the current quarter ending in July, Amazon said it expects revenue in the range of 9.5 billion to 3.5 billion. Analysts expected revenue of 2.53 billion.
Shares of Amazon.com Inc., which are up 27% so far this year, rose 1.6% to ,933 in after-hours trading Thursday.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMZN at https://www.zacks.com/ap/AMZN