Amazon Just Proved Its One of the Best Tech Stocks After Reporting Earnings

Shares of e-commerce giant Amazon were on the move in after-hours trading on Thursday as the company reported first quarter financial results. The stock popped about 1% after the close.

The company beat on profits and matched what analysts had been expecting on revenue for the quarter
Shares of Amazon have seen gains of nearly 30% this year so far and it is now the third most valuable company in the world.

For the first quarter, Amazon reported earnings per share of $7.09 while analysts waited for just $4.72 according to Refinitiv. Revenue at $59.7 billion was also in line with expectations. AWS came in at $7.7 billion and was also in line with what was anticipated.

Total revenue for the company saw a jump of 16.9% and while it was a growth, it was also the slowest for the company since the first quarter of 2015.

The company also announced that it is working on free one-day prime shipping.

“We’re already starting down this path,” explained chief financial officer Brian Olsavsky. “We’ve expanded the number of zip codes eligible for one-day shipping.” Still, he says, “it will take us a significant amount of time to achieve.”

Starting this week Amazon will also park packages in garages.

“For many customers, doorstep delivery works absolutely fine,” says Patrick Supanc, worldwide director of Amazon pickup points. “But we do have customers who would like to have the option to deliver to an alternative location perhaps because they’re busy and can’t be home. (Or) perhaps they live in a place where they don’t have a doorstep.”

“We think it truly has an opportunity to be a game changer in how people get their packages delivered,” said Jeff Meredith, chief operating officer for Chamberlain, the company behind the garage opener technology.

Disclaimer: We have no position in Amazon.com, Inc. (NASDAQ: AMZN) and have not been compensated for this article.