on Thursday posted higher quarterly net income, with revenue rising 18 percent in the sluggish global economy, beating Wall Street expectations and its shares rose 1 percent.

The global online retailer said first-quarter net income rose 24 percent to $177 million, or 41 cents per share, from $143 million, or 34 cents per share, a year earlier.

Analysts, on average, had been expecting earnings of 31 cents, according to Reuters Estimates.

Revenue rose 18 percent to $4.89 billion, the company said, with a stronger U.S. dollar tempering the boost from international sales. Wall Street had been expecting revenue of $4.75 billion.

Once criticized for spending on technology investments and putting sales ahead of profits, Amazon is now praised by Wall Street analysts, who laud its ability to attract consumers in the midst of the tough economy. Still, a run-up in shares has made its valuation soar, scaring off potential investors.

Amazon said it expects second-quarter revenue to range between $4.30 billion and $4.75 billion on operating profit of $110 million to $190 million, a decline between 12 percent and 49 percent. In the year-ago second quarter, results were boosted by a one-time gain.

Shares rose more than 1 percent in extended trade to $81.56 after closing at $80.61, up nearly 2 percent, on the Nasdaq.

(Reporting by Alexandria Sage; editing by Carol Bishopric)