Amazon reported first quarter sales of $9.86 billion, up 38 percent from a year ago, but for the fourth straight quarter–and as guided three months ago–net income fell to $201 million, down by a third, and operating income declined to $322 million, a $72 million drop as compared to last year. Earnings per share of 44 cents were well below analysts’ estimates of 61 cents a share, but sales were higher than predicted. While an earnings shortfall usually leads to a big drop in the stock, Amazon’s shares are rising in this morning’s trading. The company’s margins continue to fall […]