Amazon Q1 revenue beats estimates

Resilient demand for online shopping and Amazon’s cloud services businesses boosted its revenues.

The online retailer reported a profit of $3.2 billion. Its net sales climbed 9% at $127.4 billion in the March quarter of the year.

Shares of Amazon surged more than 7% to $117.87 in after trading hours on Thursday.

“There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy,” said Amazon chief executive Andy Jassy.

“Our Stores business is continuing to improve the cost to serve in our fulfillment network while increasing the speed with which we get products into the hands of customers,” added Jassy.

In March this year, Jassy laid out a plan to cut 9,000 more jobs, following the 18,000 layoffs in January.