Amazon beats expectations in Q1 2017 with 23% jump in revenue

Amazon crushed expectations with its Q1 2017 earnings report Thursday.

The company reported net sales revenue of $35.7 billion, a 23 percent spike from Q1 2016’s revenue of $29.1 billion. That’s just slightly above what analysts expected. The bigger surprise was earnings per share (EPS) of $1.48, way above the $1.13 that analysts had predicted. Amazon’s EPS a year ago were $1.07.

In Amazon’s earnings announcement, CEO Jeff Bezos specifically called out the success of his company’s recent investments in the Indian e-commerce market:

“Our India team is moving fast and delivering for customers and sellers. The team has increased Prime selection by 75% since launching the program nine months ago, increased fulfillment capacity for sellers by 26% already this year, announced 18 Indian Original TV series, and just last week introduced a Fire TV Stick optimized for Indian customers with integrated voice search in English and Hindi,” said Jeff Bezos, Amazon founder and CEO. “We’re grateful that customers are responding — Amazon.in is the most visited and the fastest growing marketplace in India. It’s still Day 1 for e-commerce in India, and I assure you that we’ll keep investing in technology and infrastructure while working hard to invent on behalf of our customers and small and medium businesses in India.”

The company’s stock, which closed Thursday at $918 per share, was trading up an additional 3 to 4 percent after hours and hovering around $950 per share.

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