Amazon ($AMZN@US) reported first-quarter revenue of $127.4 billion, beating analysts' estimates of $124.5 billion, and saw its shares rise as much as 8 percent in extended trading. The company's advertising business grew to $9.5 billion, while Amazon Web Services generated $21.3 billion. Revenue growth remains in the single digits, with the second-quarter forecast suggesting a rise of between 5 percent and 10 percent. CEO Andy Jassy said he believes there is still "much growth ahead" for AWS, despite more cautious spending from cloud customers. The company's operating income rose to $4.77 billion.