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Photo: Ethan Miller / Getty Images

Amazon's first-quarter results blew past analyst expectations for both earnings and revenue on Thursday.

Why it matters: Amazon's business is more successful than ever as people still rely on its services while slowly digging out from the COVID-19 pandemic. Sales surged 44% year-over-year to $108.5 billion and shares jumped 3.5% in extended trading.

By the numbers:

  • Earnings: $15.79 per share vs. $9.54 per share expected, per CNBC
  • Revenue: $108.52 billion vs. $104.47 billion expected, per CNBC
  • Amazon Web Services had net sales of $13.5 billion, up 32% year over year
  • Advertising revenue is not broken out on its own, but is included in the "other" category, which saw revenues grow 77% year over year to $6.9 billion.
  • CEO Jeff Bezos said 175 million Amazon Prime members streamed content in 2021, with streaming hours up 71%.

Prime Day, a major revenue booster, will happen in June this year, the company announced. Last year, Prime Day was moved to October from July due to the pandemic.

Between the lines: Amazon touted massive financial success and its investments in worker safety, higher wages for operations workers and pandemic relief.

  • That's important for Amazon to highlight as the company faces scrutiny in the U.S. for its size and profits.

Go deeper

The stock market has gotten cheaper over the past year

Data: FactSet; Chart: Axios Visuals

A widely followed valuation metric suggests stocks have been getting cheaper over the past year, even as prices have surged to new highs.

Why it matters: When stocks rise and company market caps balloon, it’s tempting to think that the shares must eventually fall in order to get to more reasonable levels.

Complaint to FTC: Amazon search results full of potentially deceiving ads

Photo: Nigel Kirby/Loop Images/Universal Images Group via Getty Images

Amazon does not sufficiently distinguish between its search results and paid ads, potentially "deceiving millions of consumers," according to a complaint filed to the Federal Trade Commission.

Why it matters: Joan Moriarty, research director for the Strategic Organizing Center, a coalition of labor unions that filed the complaint, told the Washington Post the group is "very hopeful" that the FTC will investigate the complaint because Lina Khan (D), a known Amazon critic, is now chair.

4 hours ago - Health

Pfizer-BioNTech: Booster doses more effective at blocking Omicron

Prepared doses of the BioNtech-Pfizer Covid-19 coronavirus vaccine in Germany on Dec. 7. Photo: Thomas Kienzle/AFP via Getty Images

Pfizer and BioNTech said Wednesday that two doses of their COVID-19 vaccine were significantly less effective at neutralizing the Omicron variant in early lab tests, but a three-dose regimen was more effective.

Why it matters: Omicron, which has been labeled a variant of concern by the World Health Organization after being identified by scientists in South Africa last month, has forced vaccine makers to reassess the effectiveness of their vaccines against this specific new form of coronavirus.