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Amazon CEO Jeff Bezos (GeekWire File Photo)

Shares of Amazon soared nearly five percent in early morning trading Friday after the Seattle company reported a blockbuster first quarter, on Thursday showing $51 billion in revenue and net income of $1.6 billion.

The stock is up about 74 points, trading around $1,590.

One year stock growth for Amazon. (Via Google Finance)

Amazon’s market value now stands at $735 billion, and one analyst thinks there is still plenty of room to grow.

“We believe that even without margin expansion in core retail, the other businesses can drive significant profit growth over the coming years and will make AMZN the first trillion dollar company,” Macquarie analyst Ben Schachter wrote in a note obtained by CNBC. “As its core 1st and 3rd party retail sales continue to take significant share from virtually all competitors, its subscription business, AWS, and advertising business are all exceeding expectations markedly.”

Schachter’s price target of $2,100 on Amazon is the most bullish prediction on Wall Street right now, CNBC notes.

Amazon is the second biggest company on the planet right now. Microsoft ranks third with a market value of $712 billion.

Interestingly, Amazon’s headcount dipped for the first time in years, from 566,000 last quarter to 563,100. The company had job cuts at its Seattle headquarters in February.

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