Amazon crushes earnings, stock goes crazy

Amazon just reported its 2016 first quarter earnings on Thursday after the bell.

It's a huge beat across the board and the stock is up 12% in after hours.

Here are the most important numbers:

• EPS: $1.07 vs $0.58 estimated
• Revenue: $29.1 billion vs. $27.99 billion estimated (up 28% year-over-year)
• AWS revenue: $2.57 billion vs. $2.53 billion estimated

Amazon gave revenue guidance in the range of $28 billion to $30.5 billion for the second quarter, which at its mid-point is higher than street estimates of $28.3 billion. Operating income is expected to fall in between $375 million and $975 million next quarter.

It was another profitable quarter for Amazon, who's known for investing in growth at a loss. Its net income came in at $513 million, a huge jump from the $57 million loss it recorded last year.

In fact, AWS is now the most profitable business at Amazon, reporting $604 million in operating income.

Amazon CEO Jeff Bezos noted in a statement that the Fire tablets doubled its sales compared to last year. Amazon released new products for its Echo and Kindle e-book reader last quarter.

Amazon was one of the best peforming stocks last year, nearly doubling its market value in 2015.

Although it's still reporting tiny profits, Amazon passed $100 billion in annual revenue for the first time last year.

There are a lot of other things going on this quarter including Amazon's rumored plan to build its own logistics network to handle deliveries on its own. Investors will be curious to know additional details around Amazon Prime's growth and its hardware business, which saw new product releases in the Echo and Kindle devices.

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Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions.