Amazon announced its first-quarter financial results yesterday, destroying estimates. The stock is up $38 on top of the $9 it was up in the day session, to $950, a new all-time high. The market cap is now $440 billion.
Take a look at the numbers:
Revenue of $35.7 billion versus $29.1 billion a year ago.
Earnings were $710 billion vs. $540 billion which equates to EPS of $1.48, versus estimates of $1.13 per share. This compares with EPS of $1.07 per share a year ago.
Amazon Web Services (AWS) reported $3.66 billion in sales and 43% growth.
Overall, first-quarter sales were up 23%. Retail subscription services, which is mostly Amazon Prime but includes a few other things, like music, hit $1.9 billion, up 49%.
Next quarter, Amazon expects sales of between $35 billion and $38 billion, which is growth between 16% and 24%.
BMR Take: Earnings are big, but just 2% of sales. Can you imagine what Bezos could report in earnings if he decided not to grow so fast? Our Target of $1000 is fast approaching.
