Amazon shares jumped more than 11%, as income from its cloud computing and advertising units beat estimates for the first quarter of the year.

The e-commerce behemoth, which is in the midst of aggressively cutting costs including laying-off 27,000 workers, said revenue for the quarter was $127.4bn, a 9% growth compared to the $116.4bn it reported during the same period last year.

Profits at the Seattle-based company were reported at $3.17bn, or 31 cents per share, but higher than the $2.24bn industry analysts had expected.

Despite coming in ahead of expectations, Amazon said that its AWS cloud unit, which pioneered the market over 15 years ago and maintains a commanding lead over