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Amazon Gets a Standing Ovation for its First-Quarter Performance

After a command performance in the first quarter, investors gave Jeff Bezos and Amazon.com (AMZN - Get Report) an ovation on Wall Street. The stock gained $57.34, or 9.5%, to $659.34 in early afternoon trading on Friday.

Sales grew 28% to $29.1 billion in the first quarter, compared to a forecast of $27.99 billion. Earnings per share were $1.07, greatly exceeding Wall Street's expectations of 58 cents per share.

"How many $100b+ [annual revenue] companies are accelerating revenues?" Macquarie Capital analyst Ben Schachter asked in a Friday report on the first-quarter results. The Amazon Web Services cloud business and Prime membership program bolstered results. "AWS and Prime continue to exceeded expectations and that is driving the stock higher," he wrote. "We see little reason that those trends won't continue."

The Amazon Web Services cloud computing business, which competes with Microsoft (MSFT - Get Report) and Alphabet's (GOOGL - Get...


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