Amazon Doubles Q1 Earnings Predictions, Stock Jumps to All-Time High

Amazon blitzed past Wall Street’s high hopes when it reported its first quarter financials on Thursday, with the e-commerce giant more than doubling earnings projections.

After markets closed on Thursday, Amazon reported revenue of $51.04 billion and earnings of $3.27 cents a share for the three months ended on March 31. Analysts had projected $49.78 billion in revenue and earnings of $1.26 cents a share on average.

Amazon had a 43 percent year-over-year increase in sales, and its earnings more than doubled from the $724 million it reported during the first quarter of 2017. The tech juggernaut posted its 12th straight quarterly profit, pulling in $1.6 billion in net income.

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Chief Executive Jeff Bezos pointed to the company’s cloud business, Amazon Web Services, in his statement accompanying earnings. AWS hauled in $5.4 billion in sales during the quarter, a 49 percent-year-over-year increase.

“AWS had the unusual advantage of a seven-year head start before facing like-minded competition, and the team has never slowed down,” said Bezos. “As a result, the AWS services are by far the most evolved and most functionality-rich. AWS lets developers do more and be nimbler, and it continues to get even better every day. That’s why you’re seeing this remarkable acceleration in AWS growth, now for two quarters in a row. A huge thank you to all our AWS customers, and you can be sure we’ll keep working hard for you.”

Investors quickly gave Amazon a vote of confidence, with its shares running 7 percent to hit a new all-time high above $1,630 a share in after-hours trading. Amazon had already been on a breakneck pace this year, with its shares climbing nearly 30 percent to $1,511 a share since the start of 2018.

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The company will hold a call at 5:30 p.m. ET to discuss its earnings.

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Amazon Renews ‘Tom Clancy’s Jack Ryan’ For Second Season Ahead of Premiere

“Tom Clancy’s Jack Ryan” has been renewed for a second season ahead of its Season 1 release, Amazon Studios said Tuesday.

“With so much early anticipation for ‘Tom Clancy’s Jack Ryan’ from our customers and personally having the pleasure to preview the exhilarating, action-packed first season, we are excited to greenlight a second season of the series months ahead of its debut,” said Jennifer Salke, head of Amazon Studios.

“The new season will take our unexpected hero to a new, exciting and dangerous world,” she added.

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The series is a “reinvention” of the hero played by John Krasinski, who will also executive produce. In Season 2, Krasinski will be joined by Wendell Pierce (“The Wire”), who will reprise his role as John Greer in the eight-episode run.

The show is executive produced by co-showrunners and creators Carlton Cuse and Graham Roland, and comes from Paramount Television and Skydance Television.

“We’re thrilled that the first season has generated so much enthusiasm,” said Cuse. “We couldn’t be happier to be working with Amazon and to be filming very near the Amazon to tell the next great Jack Ryan adventure.”

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“From day one we only had one actor on our casting board for this series – John Krasinski,” said president of Paramount Television Amy Powell. “We are so excited that he is our Jack Ryan and we get to make another season with this incredibly talented team. We have been blown away by what our whole team has delivered for season one and we can’t wait for everyone to see it this summer.”

“Tom Clancy’s Jack Ryan” is produced by Paramount Television, Cuse’s Genre Arts, Michael Bay‘s Platinum Dunes and David Ellison’s Skydance Television. Along with Cuse, Roland and Krasinski, Platinum Dune’s Bay, Andrew Form and Brad Fuller will also executive produce.  Lindsey Springer,  Mace Neufeld, Vince Calandra, Andrew Bernstein and Skydance’s Ellison, Dana Goldberg and Marcy Ross will executive produce the second season with Allyson Seeger as a co-executive producer.

Season 1 of “Tom Clancy’s Jack Ryan” will be released on August 31 on Prime Video.

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