2017.04.2723:22:00UTC+00Amazon Continues Double-Digit Growth Streak

Amazon.com Inc. extended its 20-year stretch of double-digit revenue growth, showing no indications of slowing down this year as more buyers prefer doing their shopping online.

The online retail giant projected sales that may exceed estimates in the present quarter, solidifying its message to investors that its massive investments in warehouses, marketing and devices that showcased products were all part of a winning business strategy.

Sales during the first quarter rose 23 percent to $35.7 billion bolstered by expansion abroad. Net income registered at $724 million or $1.48 per share. The figures are higher than analysts' projected profit of $1.08 per share on revenue of $35.3 billion.

The company's cloud-computing division, which finances the firm's spending on different initiatives, has helped speed up delivery and added new skills and devices for its Alexa platform and has produced original movies and shows. Operating expenses advanced 24 percent to $34.7 billion during Q1.

Shares of the retailer advanced by as much as 5 percent in late hours trading after ending at a record high of $918. 76. So far this year, the stock has risen 23 percent.