Amazon.com Inc (AMZN.O) on Thursday said revenue from its cloud business, advertising and subscription services rose in the first quarter, helping it beat profit expectations and sending its shares to an all-time high in extended trading.

The world's largest online retailer said net income rose 41 percent to $724 million, or $1.48 per share, marking the eighth straight quarter that Amazon - known among investors for heavy spending and roller-coaster results - posted a net profit. Analysts on average were expecting $1.12 per share, according to Thomson Reuters I/B/E/S.

Amazon's revenue has soared in recent years, as shopping has shifted online and businesses have moved their IT to the cloud where Amazon Web Services (AWS) is the biggest player.

Some investors had questioned if competition and December price cuts by AWS would slow Amazon's sales momentum, or if the company would fall victim to the price battles that are embroiling other retailers.... Read More: Reuters