Amazon's first-quarter sales makes it world's biggest online retailer

Amazon.com Inc on Thursday topped first-quarter sales estimates as the world's biggest online retailer benefited from soaring demand for its cloud and advertising businesses and a surge in online shopping. Net sales rose 17 percent to $59.70 billion, beating analysts' average estimate of $59.65 billion.

The company forecast net sales of between $59.5 billion and $63.5 billion for the second quarter. Analysts on average estimated $62.37 billion, according to IBES data from Refinitiv. Amazon's net income rose to $3.56 billion, or $7.09 per share, in the first quarter ended March 31, from $1.63 billion, or $3.27 per share.