Despite posting impressive first-quarter results late last week, shares of e-commerce and cloud-computing giant (AMZN -1.14%) have declined about 5% since the report. The growth stock's pullback may be a good buying opportunity to get in on a company firing on all cylinders.

Amazon's first-quarter sales soared 44% year over year to $108.5 billion. The strong quarter helped trailing-12-month free cash flow swell to $26.4 billion. Further, net income for Q1 alone was $8.1 billion, up from $2.5 billion in the year-ago quarter.

But these key metrics arguably miss many of the important trends beneath the surface at this great company -- trends that help tell Amazon's long-term growth story. To fully appreciate some of these narratives, here's a look at three important excerpts from Amazon's first-quarter earnings call.

A woman watching a movie on her laptop while eating popcorn.

Image source: Getty Images.

Prime Video is booming

While Amazon is primarily known for its e-commerce and cloud-computing businesses, investors shouldn't overlook the company's rapidly growing video streaming service.

"Over the past 12 months, Prime Video streaming hours were up over 70% year over year," said Amazon CFO Brian Olsavsky.

Olsavsky explained during the call that management views Prime Video as a key component of "the broader Prime membership," noting that it helps drive Prime adoption and retention.

Prime members are more engaged than ever

One of the keys to Amazon's business has always been its Prime membership. While it creates a recurring revenue stream for Amazon, it also offers customers a range of benefits including free shipping, fast shipping, streaming music, and more. This helps Amazon maintain a good relationship with its customers and keep them coming back.

"Prime members also continue to shop with greater frequency and across more categories than before the pandemic." In a nod to the company's fast-growing streaming-video business, Olsavsky added, "These trends have also extended to Prime's digital benefits."

Amazon said in its first-quarter earnings release that it has over 200 million paying Prime members.

Q2 momentum is broad-based

Amazon's guidance for its second-quarter revenue to grow at a rate between 24% to 30% was strong considering the tough comparisons the company is up against in the second quarter of 2020, when many consumers were staying at home and making many of their purchases online. When one analyst asked about what was behind management's confidence in this robust guidance, Olsavsky said its momentum is broad-based. "[W]e are projecting ... continued strength across all of our segments," he explained.

Considering multiple catalysts driving Amazon's business and the company's impressive financials, shares arguably look attractive after their recent sell-off, making the stock worth a closer look for investors who are interested in including the e-commerce giant in their portfolio.