Amazon extends sales-growth streak, unfazed by lavish spending – Allentown Morning Call

Amazon.com Inc.‘s unbroken 20-year streak of double-digit revenue growth shows no sign of slowing this year, helped by an influx of online shoppers who are abandoning stores and new business for its cloud-computing division.

The company projected sales that may beat estimates in the current quarter, reinforcing its message to investors that big spending on warehouses that hold inventory, movies that engage customers and devices that dazzle are all part of a winning formula.

First-quarter sales increased 23 percent to $35.7 billion. Net income was $724 million, or $1.48 a share, the company said in a statement. Analysts estimated profit of $1.08 a share on revenue of $35.3 billion, according to data compiled by Bloomberg.

Shares gained as much as 5 percent in extended trading after closing at a record $918.76 in New York. The stock has jumped 23 percent this year.

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