Amazon Posts 23 Percent Rise in Quarterly Revenue
Amazon.com on Thursday posted financial results that were better than predicted and CEO Jeff Bezos raved about the online retailer's Fire TV device as well as new deal with HBO.
Revenue was up 23 percent to $19.8 billion in the first quarter while net income was $108 million, or 23 cents a share. A year ago, Amazon reported net income of $82 million, or 18 cents a share.
On Wednesday, Amazon said it struck a long-term licensing deal with HBO that will bring shows like The Sopranos and Deadwood to the online retailer's streaming media service, called Amazon Prime.
In its earnings release Thursday, Amazon CEO Jeff Bezos touted the arrangement, which has Amazon paying an estimated $300 million to HBO. He also boasted of Fire TV, a new device that will compete with Roku, Apple TV and others, and some other new-media technology the giant online company has released recently.
"We get our energy from inventing on behalf of customers, and 2014 is off to a kinetic start," Bezos said. "Our device team launched Fire TV, offering great content, including our recently announced exclusive deal with HBO, and innovative features like unified voice search, which we're delighted is being adopted by so many new partners, including Netflix, HBO Go, Hulu Plus, Crackle and Showtime Anytime."
Shares of Amazon were up 4 percent Thursday to $337.15 and rose an additional 2 percent after the closing bell.