Amazon profit jumps on strong sales, beats expectations

NEW YORK -- The results are higher than analyst expectations and indicate that the online retailer is faring well despite the ongoing recession.

Seattle-based Amazon.com said Thursday that earnings climbed to $177 million, or 41 cents a share, in the first quarter.

That's 24% higher than the profit of $143 million, or 34 cents a share, in the year-ago quarter. And it beats the 31 cents a share analysts polled by Thomson Reuters expected.

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The company says revenue rose 18% to $4.89 billion, slightly higher than analysts' expectations of $4.76 billion.

Amazon expects second-quarter sales of $4.3 billion to $4.75 billion. Analysts have predicted $4.6 billion — within that range.