Amazon’s quarterly profit more than doubles; shares soar

NEW YORK (AP) — Amazon’s first-quarter profit more than doubled from a year ago, blowing past Wall Street expectations. The online retailer’s shares soared 6 percent in after-hours trading.

The company earned $1.63 billion, or $3.27 per share, in the three months ending March 31 — almost triple the $1.24 per share analysts expected, according to FactSet. It’s the second time Amazon’s quarterly profit has topped $1 billion. In the previous quarter, which included the busy holiday shopping season, it had profit of more than $1.8 billion.

The blockbuster profits come as the company and its chief executive have been criticized by President Donald Trump, who has tweeted several times that the company doesn’t pay enough taxes, should pay the U.S. Postal Service more for shipping, and that The Washington Post, owned by Amazon founder and CEO Jeff Bezos, is a lobbyist for the company.

Trump signed an executive order earlier this month to study the post office’s finances and costs, including its pricing the package delivery market. The executive order did not mention Amazon by name.

In its financial report, Amazon.com Inc. said revenue soared 43 percent to $51 billion, beating the $49.9 billion analysts expected.

The Seattle-based online retailer’s stock, which closed at $1,517.96 on Thursday, soared past $1,610 in extended trading.

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