Amazon Earnings Blow Past Forecasts; Shares Rise

Amazon.comreported quarterly earnings that blew past Wall Street's expectations on Thursday, sending its shares higher in extended-hours trading.

After the earnings announcement, the Internet retailer's shares rose 9 percent in trading after the closing bell. (Click here to get the latest quotes for Amazon.)

The company posted first-quarter earnings excluding items of 28 cents per share, down from 44 cents a share in the year-earlier period.

Net income was $130 million, or 28 cents per share, down from $201 million, or 44 cents per share a year earlier. Operating income fell to $192 million, from $322 million a year earlier.

Revenue rose 34 percent to $13.2 billion, from $9.86 billion a year ago.

Analysts had expected the company to report earnings excluding items of 7 cents a share on $12.90 billion in revenue, according to a consensus estimate from Thomson Reuters.

"It looks pretty good," said Ken Sena, an analyst at Evercore Partners. "I think the margins have a long way to go, but I think at least to see them moving in the right direction is an encouraging sign."

In the second quarter, the company expects net sales to be expected to be between $11.9 billion and $13.3 billion, an increase of between 20 percent and 34 percent compared with the second quarter in 2011.