Amazon Profits Jump on Cloud and Online Retail Sales

Updated: Apr 27, 2017 4:16 PM ET

Amazon.com reported first-quarter revenue and profit that topped analysts' estimates, driven by sustained growth in online retail sales and its profitable cloud business, sending its shares up more than 4% in extended trading on Thursday.

The world's biggest online retailer said net income rose to $724 million, or $1.48 per share, from $513 million, or $1.07 per share, a year earlier. This marks the eighth straight quarter Amazon has posted a net profit.

Analysts on average had expected a profit of $1.12 per share, according to Thomson Reuters.

The company's total net sales rose 22.6% to $35.71 billion in the quarter ended March 31, compared with the average analyst estimate of $35.30 billion.

Revenue from Amazon Web Services, the company's fast-growing cloud services business, rose 42.7% to $3.66 billion, matching the average analyst estimate, according to market research firm FactSet StreetAccount.

Amazon's (amzn) net sales in North America, its biggest market, jumped 23.5% to $20.99 billion in the latest quarter.

The company said a stronger dollar impacted its overall sales by $492 million and that the quarter faced tough comparison with the year-ago quarter, when the Feb. 29 leap day gave shoppers an extra 24 hours to spend.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions