Investing.com - Amazon reported softer guidance for the current-quarter Thursday offsetting better-than-expected Q1 results despite underwhelming growth in its key cloud computing segment.
Amazon.com Inc (NASDAQ:AMZN) fell about 3% in afterhours trading following the report.
For the three months ended on March 31, Amazon reported earnings per share of $1.59 on revenue of $155.67 billion. Analysts polled by Investing.com anticipated per-share income of $1.37 and sales of $155.29B.
The beat was driven by jump in operating income to $18.4B in Q1 from $15.3B in the prior-quarter, underpinned by strong growth in North America and its key cloud segment.
Amazon Web Services, its cloud business segment, grew revenue 17% to $29.3B, in-line with estimates.
Amazon forecast second-quarter operating income of between $13.0B and $17.5B, missing estimates of $17.82, while sales was guided in a range of $159.0B and $164.0B, topping expectations for $161.06B.
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