Amazon Stock Surges As Tech Giant Blows Past Wall Street Q1 Estimates

Amazon has apparently rediscovered its mojo.

The company reported $127.4 billion in revenue for the first quarter and earnings per share of 31 cents, with both metrics coming in well above Wall Street forecasts.

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Amazon shares jumped 11% on the earnings report after closing the regular trading session up almost 5% to a 6-month high of $109.82.

The company said it expects revenue between $127 billion and $133 billion in the second quarter, up between 5% and 10% from the first quarter. The guidance includes unfavorable foreign exchange rates. Operating income could be up or down depending on a range of factors unfolding during the second quarter, but will come in between $2 billion and $5.5 billion, the company said, compared with $3.3 billion a year ago.

“There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy,” CEO Andy Jassy said in the earnings release, which only glancingly touched on Prime Video, Amazon Studios or the company’s other entertainment assets.

Like its Big Tech peers, Amazon has been retrenching during a challenging period for the global economy. The company has laid off thousands of workers in recent months, and on Thursday the cutbacks hit Amazon Studios and Prime Video, where about 100 employees were let go. Jassy, a longtime veteran exec who took over as CEO last year, said at the New York Times DealBook Conference last November that the company was surprised by certain developments in the marketplace. In reviewing company operations, he said, “we were seeing things that were different from what we’ve seen before, and we just felt like we needed to streamline our costs.”

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