Last Updated Apr 26, 2018 4:58 PM EDT
Amazon (AMZN) delivered a monster first quarter earnings report, beating Wall Street estimates and sending the stock soaring after hours to a record high.
The Seattle-based company reported a 43 percent jump in revenue to $51 billion, beating the $49.9 billion analysts expected. Net income totaled $1.6 billion, up from $724 million in the same period a year earlier. Its earnings per share of $3.27 were almost triple the $1.24 per share analysts expected, according to FactSet.
The company plans to increase prices for its Prime subscription service to $119 from $99 per year, it announced during its earnings call Thursday. The change will take effect May 11 for new customers and early June for customers renewing subscriptions. There are more than 100 million paid Prime subscription members globally, Amazon CEO Jeff Bezos said earlier this month.
Amazon’s cloud-based services, called Amazon Web Services, was a bright spot, with revenue up 49 percent to $5.4 billion. The segment provides cloud computing, database and storage services for developers, academic institutions and governments.
In a statement, Bezos called out the division. “AWS had the unusual advantage of a seven-year head start before facing like-minded competition, and the team has never slowed down,” Bezos said.
Amazon’s stock jumped more than 6 percent to nearly $1,613 a share.
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