What’s happening: Shares of Amazon.com (NASDAQ: AMZN  ) skyrocketed 16% early Friday after the online retail juggernaut announced better-than-expected first-quarter results the previous evening.

Quarterly revenue climbed 15% year over year to $22.72 billion, and that includes a $1.3 billion negative impact from foreign exchange rates. On a currency-neutral basis, Amazon’s sales would have increased 22%. Meanwhile, that translated to a net loss of $57 million, or $0.12 per diluted share. But analysts, on average, were expecting an even larger net loss of $0.15 per share on lower sales of $22.1 billion.

Amazon also generated operating cash flow of $7.85 billion during the quarter — a 47% year-over-year increase — and achieved 112% growth in free cash flow to $3.16 billion over the same period.

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