Amazon first-quarter sales beats estimates

(Reuters) - Amazon.com Inc on Thursday topped first-quarter sales estimates as the world's biggest online retailer benefited from soaring demand for its cloud and advertising businesses and a surge in online shopping. Net sales rose 17 percent to $59.70 billion, beating analysts' average estimate of $59.65 billion. The company forecast net sales of between $59.5 billion and $63.5 billion for the second quarter


 Amazon first-quarter sales beats estimates

(Reuters) - Amazon.com Inc on Thursday topped first-quarter sales estimates as the world's biggest online retailer benefited from soaring demand for its cloud and advertising businesses and a surge in online shopping.

Net sales rose 17 percent to $59.70 billion, beating analysts' average estimate of $59.65 billion.

The company forecast net sales of between $59.5 billion and $63.5 billion for the second quarter. Analysts on average estimated $62.37 billion, according to IBES data from Refinitiv.

Amazon's net income rose to $3.56 billion, or $7.09 per share, in the first quarter ended March 31, from $1.63 billion, or $3.27 per share.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur)

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