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Amazon reported better-than-expected earnings and revenue for the first quarter, but it gave light guidance for the current period. The company anticipates operating income of between $13 billion and $17.5 billion, while analysts had projected $17.8 billion. Amazon called out “tariffs and trade policies” and a range of other factors that could make its guidance subject to change.

Amazon reported better-than-expected results for the first quarter, driven by growth in its cloud computing and advertising businesses, but it gave soft guidance for the current period.

The stock fell more than 4% in extended trading.

Here’s how the company did, compared with estimates from analysts polled by LSEG:

Earnings per share: $1.59 vs. $1.36 expected Revenue: $155.67 billion vs. $155.04 billion expected

Wall Street is also looking at other key revenue numbers:

Amazon Web Services: $29.3 billion vs. $29.42 billion expected, according to StreetAccount Advertising: $13.92 billion vs. $13.74 billion expected, according to StreetAccount

Amazon said it expects second-quarter operating income to be between $13 billion and $17.5 billion, below the $17.64 billion consensus forecast, according to StreetAccount.

The company expects sales this quarter to be between $159 billion and $164 billion, representing growth of 7% to 11%. Analysts were expecting $160.9 billion, according to LSEG.

Amazon noted “tariffs and trade policies” and “recessionary fears” are among a range of factors that could make its guidance subject to change. The company did not refer to tariffs in its forward-looking guidance last quarter.

The topic of tariffs is a major focus among investors this quarter. Amazon faces significant exposure to the tariffs, primarily through its retail unit. Amazon sources some products from China, which was hit with an aggressive 145% levy as a result of President Donald Trump’s sweeping tariffs.

Many sellers on Amazon’s third-party marketplace, which accounts for more than half the company’s total sales, rely on the world’s second-largest economy to make or assemble their products. Some sellers have already raised prices and cut back on advertising spend as they confront higher import costs.

Net income came in at $17.13 billion, or $1.59 per share, compared with $10.43 billion, or 98 cents per share, a year ago.

Sales in Amazon’s cloud division came in just below consensus estimates, marking the third consecutive quarter of revenue misses. AWS revenue grew 17% during the quarter, which was a slower rate than analysts expected. Last quarter, sales in the unit expanded 18.9%.

Advertising was a bright spot in the report. Sales in the unit rose 19% year over year to $13.92 billion during the quarter, outpacing growth in Amazon’s core retail business.

Other online ad companies including Google and Snap have warned of the potential for businesses to tighten their marketing budgets as a result of the tariffs.

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