The company reported revenues of $23.18 billion, up 20% year-over-year and ahead of analysts' consensus forecast for $22.39 billion.
Earnings per share were $0.19, while analysts had estimated a loss of $0.14.
The big earnings beat was driven, in part, by Amazon Web Services, and Amazon's third-party marketplace, although international sales growth was still nearly flat.
Following a surge after the results dropped on Thursday, the stock continues to rip higher and rose about 18% in premarket trading to as high as $574.50. And with the stock's spike, the company eclipsed Walmart by market capitalization.
Many sell-side analysts have now raised their estimates for where they see Amazon's share price in the next 12 months. And every research note we thumbed through was bullish on the company.
Here's a quick wrap of what 12 analysts are saying.
Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.
Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions.