Amazon (NASDAQ:AMZN) reported fiscal 2014 first-quarter earnings after the market closed today that reflected strong revenue growth for the three months ended March 31. Amazon posted a 23% spike in sales, with revenue climbing to $19.74 billion in the quarter, up from $16.07 billion in the year-ago period. That beat analyst estimates for revenue of $19.43 billion. Meanwhile, Amazon's earnings of $0.23 per diluted share were in line with expectations.
The e-commerce giant continues to heavily invest in initiatives like content, cloud computing, and its Prime services. This resulted in a 23% increase in operating costs to $19.59 billion in the quarter, up from $15.8 billion during the same period a year ago. Nevertheless, Amazon had plenty to show for it with quarterly highlights including the launch of its Amazon Fire TV, a new contract for exclusive content from HBO Go, and a push into the grocery market with the launch of Prime Pantry.
On top of this, Amazon said that video streams on Prime Instant Video tripled year-over-year. "We get our energy from inventing on behalf of customers, and 2014 is off to a kinetic start," said Jeff Bezos, Amazon's chief executive. Shares of Amazon were up nearly 2% as of 4:30 p.m. in after-hours trading on this news.
Tamara Rutter owns shares of Amazon.com. The Motley Fool recommends Amazon.com. The Motley Fool owns shares of Amazon.com. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.