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What's Going On With Amazon Stock Wednesday?
Amazon.com Inc (NASDAQ:AMZN) shares are trading higher Wednesday after the company reported better-than-expected financial results for the first quarter. Multiple analysts also raised price targets on the stock following the print.
Q1 Revenue: $143.3 billion, beat estimates of $142.497 billion
Q1 EPS: 98 cents, beat estimates of 82 cents
North American sales were up 12% year-over-year, while International sales climbed 10% year-over-year. Amazon Web Services sales were up 17% year-over-year. The company noted that AWS is now a $100-billion annual revenue run rate business.
Operating income came in at $15.3 billion in the first quarter. Operating cash flow increased 82% year-over-year to $99.1 billion. Free cash flow came was $50.1 billion over the trailing 12-month period.
“The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS’s AI capabilities is reaccelerating AWS’s growth rate (now ...