Amazon Beats Earnings and Revenue Estimates on AWS, Advertising Growth [Video]

Amazon (AMZN) reported first-quarter earnings after the bell Tuesday that came in above analysts’ expectations, thanks to growth from its Amazon Web Services (AWS) and advertising revenue. Shares of Amazon climbed over 2% in extended trading following the release.

The company reported $10.43 billion in net income or 98 cents per share on total revenue of $143.31 billion, with all three measures coming in well above analyst estimates compiled by Visible Alpha. Amazon’s revenue rose over 12% from the year-ago period, while net income and earnings per share more than tripled.

CEO Andy Jassy credited the strong quarter to growth from AWS, in part fueled by new artificial intelligence (AI) features, as well as progress in its advertising business.

“The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS’s AI capabilities is reaccelerating AWS’s growth rate,” he said. AWS segment sales rose 17% year-over-year to $25 billion.

For the …