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FX RATES

Amazon trounces expectations as sales surge 44%

Amazon shares climbed as much as 4 percent in extended trading Thursday after the company released its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with profits soaring 44 percent year-over-year to $108.5 billion.

 

Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection of $108.6 billion.

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