Amazon.com Inc on Thursday trounced first-quarter profit estimates on soaring de...
- Amazon.com Inc on Thursday trounced first-quarter profit estimates on soaring demand for its cloud and advertising services, but a weak forecast renewed concern that the company would spend away part of its windfall on larger investments this year.
By contrast, it forecast a second-quarter operating income of up to $3.6 billion, while analysts were expecting $4.2 billion, according to FactSet. Amazon’s investments had long meant a low profit margin. However, its steady, often successful marches into new industries have reaped shareholders rewards, including its founder Jeff Bezos, who had become the richest man in the world.The company’s loyal customer base has drawn merchants to sell and increasingly advertise through its site in exchange for fees, helping Amazon transform from a largely low-margin retail business to a more and more lucrative marketplace.
And the company is delving into even less familiar terrain. It recently announced investments in self-driving and electric car companies, teasing how it thinks these high-tech, capital-intensive businesses could pay dividends potentially in the form of autonomous deliveries in the long run. Amazon has not described in detail its thinking behind the bets.
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