Amazon results beat estimates, revenue forecast misses
-Amazon.com reported quarterly results above Wall Street's expectations on Tuesday, as interest in artificial intelligence helped drive cloud-computing growth.Shares of the Seattle-based e-commerce and tech company climbed less than 2% in extended trade after its current-quarter revenue forecast came in below expectations. The stock closed down 3.3% in the regular session.
First-quarter sales increased 13% to $143.3 billion, higher than the $142.5 billion average, according to LSEG data. Net income more than tripled to $10.4 billion in the first quarter. Amazon Web Services , the largest provider of cloud-computing services, posted a 17% rise in revenue to $25.0 billion in the first quarter, compared with expectations of $24.53 billion.AI has been a fixation in Silicon Valley since OpenAI’s ChatGPT debuted in late 2022, fueling billions in funding and a mad dash to put chatbots and other artificially intelligent features into more products.
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