Amazon reported first-quarter earnings after the bell on Thursday. The corporation shattered earnings expectancies, reporting $1.48 per share, when Wall Street was expecting $1.12. Net income stood at $724 million.

Revenue came in at $35.71 billion, above the $35.30 billion that analysts were forecasting and up 23 percent from last year. Shares promptly surged 5 percent in initial after-hours trading.

However, operating income refused 6 percent to$ 1 billion for the quarter.Investors had been hoping to see operating margin expansion in North America.

In a statement, CEO Jeff Bezos spoke about their optimism in India, a large market opportunity for growing. Our India team is moving fast and delivering for customers and sellers. The squad has increased Prime selection by 75% since launching the program nine months ago, increased fulfillment capability for sellers by 26% already this year, announced 18 Indian Original TV series, and just last week introduced a Fire TV Stick optimized for Indian clients with integrated voice search in English and Hindi, he said.

EBay, Tencent and Microsoft recently made a big wager on Amazons India competitor, Flipkart.

AWS, the cloud service platform, realized substantial growing, accounting for $3.7 billion for the one-quarter. This compares to $2.6 billion in the two periods last year, or up 43 percent. Growth is slowing, however. The same category realized 64 percent growing the year before.

Amazon shares are up 51 percent in the past year. The company marketplace cap is $439 billion.

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