SEATTLE — Amazon’s market value surged to near record levels as the company widely beat Wall Street’s expectations in the first quarter.
The tech and retail giant posted profit of $513 million, or $1.07 per diluted share, nearly doubling the 58 cents expected by analysts and swinging from a $57 million loss in the same quarter last year.
Revenue rose 28 percent to $29.1 billion, also surpassing analysts’ expectations of $28 billion.
Operating cash flow trailing over 12 months, a key metric, rose 44 percent to $11.3 billion vs. $7.8 billion.
Shares rose to $679.06, or 12.80 percent, in after-hours trading. That’s not far from its peak of $696.44, seen last December, and brings the company’s market capitalization north of the $300 billion mark.
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