Amazon Reports 1Q Loss

SEATTLE (AP) — Inc. (AMZN) on Thursday reported a first-quarter loss of $57 million, after reporting a profit in the same period a year earlier.

The Seattle-based company said it had a loss of 12 cents per share.

The results surpassed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.

The online retailer posted revenue of $22.72 billion in the period, also beating Street forecasts. Seventenn analysts surveyed by Zacks expected $22.42 billion.

For the current quarter ending in June, Amazon said it expects revenue in the range of $20.6 billion to $22.8 billion. Analysts surveyed by Zacks had expected revenue of $22.24 billion.

Amazon shares have risen 26 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 3 percent. In the final minutes of trading on Thursday, shares hit $389.58, a rise of 20 percent in the last 12 months.

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