Amazon.com Inc. (AMZN) reported first quarter net income of $0.18 per share after the bell Thursday, down from $0.28 per share last year. The consensus estimate was for EPS of $0.09. Net sales increased 22% to $16.07 billion, compared with $13.18 billion in the year-ago quarter. The consensus estimate was for revenues of $16.16 billion.
The company forecast second quarter net sales of $14.5 billion to $16.2 billion, representing a year-over-year growth of 13% to 26%. Analysts currently expect revenues of $15.94 billion.
Amazon.com gapped open lower Friday and steadily declined throughout the first half of the morning. The stock finished down by 19.89 at $254.81 on strong volume. Amazon.com closed testing the lower end of a month and a half long range.
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