Amazon first-quarter sales beat expectations

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Amazon.com Inc beat Wall Street expectations for first-quarter revenue on Thursday, as the e-commerce giant continued to benefit from the COVID-19 pandemic-driven online shopping boom, sending its shares up 4% in extended trading.

The health crisis has upended the retail landscape by tipping the scales in favor of companies with strong e-commerce platforms.

Amazon said it expects operating income for the current quarter to be between $4.5 billion and $8 billion, which assumes about $1.5 billion of costs related to COVID-19.

Net sales rose to $108.52 billion in the first quarter ended March 31 from $75.45 billion, beating analysts’ average estimate of $104.47 billion, according to IBES data from Refinitiv.

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