Amazon (AMZN) reported first quarter earnings on Thursday that beat expectations and sent shares soaring in after hours trading.

Amazon stock popped as much as 10% late Thursday* as investors digested revenues, profits, margins, and current quarter guidance that all beat Wall Street expectations.

[PS: Flattish Friday start of trade expected, given its price in pre-market.]

“There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy,” Amazon CEO Andy Jassy said in a statement.

The company’s efforts to rein in costs, which cost Amazon about $500 million in the first quarter, are expected to be a central focus on the company’s earnings call Thursday evening. The company has announced plans to lay off a total of 27,000 employees over the last few months…

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