Reuters: Technology News: Amazon trounces Street targets, shares jump

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Amazon trounces Street targets, shares jump Apr 26th 2012, 21:32 Tweet Share this Email Print Related News Zynga reports first-quarter quarter revenue of $321 million 5:00pm EDT After Apple, Amazon, too, may be in for wild ride 3:01pm EDT UPDATE 3-Evercore 1st-qtr profit sinks on weak deal closings 2:16pm EDT UPDATE 3-Starwood Hotels profit tops estimates 12:35pm EDT PepsiCo, Coke Enterprises beat Wall Street views 11:03am EDT Analysis & Opinion Essential reading: Amazon will collect Nevada sales tax, debating tax cuts, more Wall Street hangs in limbo despite market rebound A box from Amazon.com is pictured on the porch of a house in Golden, Colorado July 23, 2008. Credit: Reuters/Rick Wilking By Alistair Barr Thu Apr 26, 2012 5:05pm EDT (Reuters) - Amazon.com Inc reported quarterly earnings that beat Wall Street's most bullish expectations, as the world's largest Internet retailer brought costs under control, sending its shares up almost 10 percent. The company reported net income fell to $130 million or 28 cents per diluted share in the first quarter, versus $201 million or 44 cents a year ago. But that was far above the average Wall Street forecast for 7 cents a share. First-quarter revenue of $13.18 billion, up 34 percent from a year earlier, was ahead of Wall Street estimates for $12.9 billion. Operating income was $192 million, compared with $322 million a year earlier. Amazon shares rose to $215 in after-hours trading from a close of $195.99. "We were expecting 15 cents EPS ... and we were probably the high end of the Street of where the margins were," said Evercore Partners analyst Ken Sena. "You are starting from a very low point: modest improvement on a percentage basis. It looks pretty good. I think the margins have a long way to go, but I think at least to see them moving in the right direction is an encouraging sign." (Editing by Phil Berlowitz) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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