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Amazon smashes earnings expectations

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Amazon saw a huge EPS beat in its Q1 earnings, reporting $7.09 compared to the estimated $4.72.

Amazon reported first-quarter earnings on Thursday that reflected an on-going change at the company: less growth but fatter profit margins.

Amazon's advertising business, which is looped under the"other" category, significantly slowed down, seeing only 34% revenue growth to $2.7 billion, after growing at least 60% in the past five quarters. Investors, however, are seeing more profitability from Amazon in exchange. Net income hit a record $3.6 billion, and its operating profit of $4.4 billion represented a record 7.4% margin.

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