Amazon Stock Skyrockets on First-Quarter Results

Jeff Bezos Amazon - H - 2016

The e-tailer grew revenue by 28 percent.

Amazon shares were trading up more than 11 percent Thursday after the e-commerce company reported strong first-quarter results. 

The Seattle-based e-tailer earned $1.07 per share during the quarter and grew revenue by 28 percent to $29.1 billion. Analysts polled by Thomson Reuters were expecting earnings of 58 cents per share on revenue of $27.98 billion. 

"We're building premium products at non-premium prices, and we're thrilled so many customers are responding to our approach," CEO Jeff Bezos said in a statement. 

During the first three months of the year, Amazon introduced a new, thinner Kindle. It also acquired the rights to several film projects, including Woody Allen's Cafe Society, and launched its first live show, Style Code Live.  

Amazon is expecting second-quarter revenue between $28 billion and $30.5 billion. 

Amazon shares closed down less than 1 percent to $602.