Unless you've been under a rock lately then there is no doubt you have been hearing about Amazon (NASDAQ: AMZN) and their successes. From the delivery drone to the Amazon Go store launch, it seems that everywhere you look Amazon is taking over. Investors have noticed this as well. Just this year Amazon is up over 20% and after their earnings release Thursday you can add another 4% to the pile.
After the close on Thursday Amazon announced an incredible earnings report. Earnings for the first quarter came in well beyond expectations which sent shares higher by over 4% in the after hours trading, a move which also put the stock at all time highs again. Whats interesting is that this is really no surprise to Wall Street. All week long analysts have been issuing reports on Amazon that were a positive as you can be. A few even raised their profit targets to the $1000 per share level.
So here are the numbers. Adjusted income came in at $1.48 per share which was up 38% from last year. To put it in perspective how well they did, the average assumption by the professional analysts on Wall Street was at $1.12 per share. Revenue came in at $35.7 billion which was an increase of 23%. The street had expected $35.3 but seemed to let them slide on this one.
Going forward Amazon expects revenue to be in the range of $35.25 billion to $37.75 billion which equals growth of 16% - 24%. For now investors seem content to ride the wave. A wave that seems to be ever rolling, with no end in sight.