Amazon (AMZN) reported first quarter earnings that topped Wall Street estimates on the top and bottom lines, sending shares of the retail giant up around 2% in pre-market trading on Wednesday.
Powered by a strong showing from its cloud computing segment, Amazon continued a wave of Big Tech results that have mostly wowed Wall Street even as investors turn their focus to the conclusion of the Fed’s May policy meeting on Wednesday.
Net sales rose 13% from the same period last year to $143.3 billion, Amazon reported late Tuesday, topping analyst expectations of $142.6 billion, per Bloomberg data. The beat was driven by a 16% jump in Amazon Web Services (AWS) revenue, which Amazon said is on course to generate $100 billion annually.
The company reported adjusted earnings per share of $0.98 versus consensus estimates of $0.83.
Like its competitors Microsoft and Alphabet, Amazon is wielding its…
