Earnings, Amazon.com | featured news

Amazon.com Inc shares hit a record on Tuesday after it reported better-than-expected quarterly profit, fueled by the growth of higher-margin businesses during the fiercely competitive holiday quarter.

The company reported net income of $7 million, or 1 cent a share, on sales of $12.8 billion. It was less profit than analysts had estimated, but the revenue was in line with forecasts.

Jeff Bezos’ net worth jumped $2.7 billion to $21.5 billion on Friday, the first trading day after Amazon surprised investors with stronger than expected earnings on Thursday after the market closed. Net income for the quarter was 28 cents a share, quadruple the Street consensus at 7 cents, as reported by my colleague Eric Savitz. Net sales increased 34% to $13.18 billion in the first quarter. The stock jumped $30.9, or 15.8%, in one day.