Amazon.com Inc. reported quarterly earnings that beat Wall Street's most bullish expectations, as the world's largest Internet retailer brought costs under control, sending its shares up almost 10 percent in late trading.
The company reported net income fell to $130 million or 28 cents per diluted share in the first quarter, versus $201 million or 44 cents a year ago. But that was far above the average Wall Street forecast for 7 cents a share.
First-quarter revenue of $13.18 billion, up 34 percent from a year earlier, was ahead of Wall Street estimates for $12.9 billion. Operating income was $192 million, compared with $322 million a year earlier.
Amazon shares rose to $215 in after-hours trading from a close of $195.99.
"We were expecting 15 cents EPS ... and we were probably the high end of the Street of where the margins were," said Evercore Partners analyst Ken Sena.
"You are starting from a very low point: modest improvement on a percentage basis. It looks pretty good. I think the margins have a long way to go, but I think at least to see them moving in the right direction is an encouraging sign."
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