Amazon beats expectations as shares jump more than 11%

E-commerce behemoth, in the midst of aggressively cutting costs including laying-off 27,000 workers, reported revenue growth

Amazon shares jumped more than 11%, as income from its cloud computing and advertising units beat estimates for the first quarter of the year.

The e-commerce behemoth, which is in the midst of aggressively cutting costs including laying-off 27,000 workers, said revenue for the quarter was $127.4bn, a 9% growth compared to the $116.4bn it reported during the same period last year.

Reuters contributed reporting