Amazon.com Inc. AMZN 0.03% notched a fourth straight record profit as it tamed costs, but its quarterly revenue grew at the slowest pace in nearly four years.
The e-commerce company reported its first-quarter profit more than doubled to $3.56 billion, or $7.09 a share, well above analysts’ consensus estimate of $4.70 a share, according to FactSet.
At the same time, its revenue growth slowed for a fourth straight period, in part because of weak international sales. Revenue grew 17% to $59.7 billion, compared with 43% growth in the year-earlier quarter.
Ahead of what is expected to be a heavy spending period, the company eased up. Expenses in the first quarter grew 12.6%, the lowest percentage in at least a decade.
For the current quarter, Amazon projected revenue of between $59.5 billion and $63.5 billion—or 13% to 20% growth from a year earlier. Analysts project on average $62.4 billion in revenue for the second quarter.
Amazon’s stock rose 0.6% in after-hours trading to $1,907 a share. The shares are up about 24% this year.
Write to Yoree Koh at yoree.koh@wsj.com
https://www.wsj.com/articles/amazons-profit-more-than-doubles-on-17-rise-in-sales-11556224159
2019-04-25 20:29:00Z
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