Amazon reported its first quarter earnings that handily beat expectations. It also sees clear sailing in the second quarter.
Amazon reported net income of $111 million, or 26 cents a share, for the quarter ending March 31. Wall Street was expecting earnings of 15 cents a share according to Thomson Financial. It's unclear how much of that gain came from lower taxes. Amazon said its first quarter "effective tax rate was 23 percent compared with an effective tax rate of 47 percent in first quarter 2006."
Sales in the quarter jumped 32 percent from a year ago to $3.02 billion. Wall Street was expecting $2.92 billion.
As for the outlook Amazon projected revenue of $2.7 billion to $2.85 billion compared to Wall Street estimates of $2.7 billion. For the year, Amazon sees revenue of $13.4 billion to $14 billion compared to Wall Street estimates of $13.4 billion.
Among other notable items: