Amazon crushed analysts' expectations with its strong first quarter results published on Thursday. Its Q1 net income was at $513 million, the company's fourth consecutive profitable quarter. 

Amazon's revenue increased by 28 percent at $29.1 billion figure, beating estimates of $27.99 billion. Amazon Web Services (AWS) posted a 64 percent revenue increase to $2.57 billion, eclipsing the forecasted $2.53 billion.

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Internal revenue grew by 24 percent year-on-year from $7.75 billion to $17 billion. Sales in North America stood at $16.99 billion, a 27 percent rise from last year's $13.41 billion.

Amazon's earnings per share (EPS) in Q1 was $1.07, squarely beating expectations of 58 cents. Its EPS during the same period last year was 12 cents. 

Stock markets received the earnings announcement with much enthusiasm. Amazon's stocks soared more than 11 percent in after-market hours. It gained another 9 percent on Friday, increasing the company's value by $6 billion.

Amazon said that it is going to prioritize its original media and content units as the company will be ramping up its expenditure on these services.

In a letter to its shareholders, the company stated that through its Amazon Studios, it has acquired the rights to "several high-profile films," which will be available to its Prime members.

"Amazon devices are the top selling products on Amazon, and customers purchased more than twice as many Fire tablets than first quarter last year," CEO Jeff Bezos said on Kindle Fire's strong sales. 

TagsAmazon, Jeff Bezos, AWS, Amazon Prime