After a blowout quarter from Facebook (FB), the online e-commerce behemoth Amazon (AMZN) gave Wall Street and investors’ another reason to cheer with stellar Q1 results after the closing bell on Thursday. The company came up with a remarkable earnings beat of over 75% with a bullish outlook for the second quarter (read: Another Blowout Quarter for Facebook: ETFs to Ride On). Q1 Results in Detail The company reported earnings per share of $1.07 trumping the Zacks Consensus Estimate of 61 cents and improving from the year-ago earnings of 12 cents. Revenues climbed 28% year over year to $29.1 billion and topped our estimate of $27.94 billion. Higher-than-expected results were credited to increased demand for quick-turnaround delivery and gadgets like the Kindle and Echo as well as a fast-growing cloud computing business. In fact, Amazon devices such as the Fire tablets and the Fire TV Stick streaming media player were the top-selling products during the reported quarter. Revenues from the cloud computing business, Amazon Web Services, rose 64% year over year to $2.56 billion and account for just 9% of Amazon’s total revenue. The unit has now become the most profitable business for the company as about 56% of the operating profits came from cloud (see: all the Technology ETFs here). For the ongoing second quarter, the company expects revenue to grow 21–32% to $28–$35 billion, the midpoint of which is much higher than our current estimate of $28.14 billion. Amazon also expects operating income in the range of $375–$975 million compared with $464 million in the year-ago period. This suggests that Amazon is poised for strong growth in the coming months. Amazon currently has a Zacks Rank #3 (Hold) with a top Growth and Momentum Style Score of ‘A’ each. Market Impact Based on solid results and an optimistic outlook, shares of AMZN spiked as much as 13% in aftermarket hours, adding more than $35 billion to the company’s market value. The stock soared nearly 11% in early trade today. Solid trading in the stock will definitely continue in the ETF world, especially for the funds with the highest allocation to this Internet giant. Below we have highlighted some of the funds that would be in focus in the coming days and could see some upside post AMZN results. These funds have a solid Zacks ETF Rank of 1 (Strong Buy) or 2 (Buy), suggesting their outperformance in the coming days: Market Vectors Retail ETF (RTH) This fund provides exposure to the 26 largest retail firms by tracking the Market Vectors U.S. Listed Retail 25 Index. Of these, AMZN takes the top position in the basket with 13.7% share. The ETF has a certain tilt toward specialty retail, which accounts for 29% share while Internet retail (19%), hypermarkets (12%), drug stores (11%) and healthcare services (11%) round off to the top five. The product has amassed $144.1 million in its asset base and charges 35 bps in annual fees. Volume is moderate as it exchanges nearly 60,000 shares per day. RTH has a Zacks ETF Rank of 1 (read: Should You Buy Retail ETFs Despite Soft Sales?). First Trust Dow Jones Internet Index (FDN) This is one of the most popular and liquid ETFs in the broad technology space with AUM of $3 billion and average daily volume of more than 900,000 shares. The fund tracks the Dow Jones Internet Composite Index and charges 54 bps in fees per year. In total, the fund holds 42 stocks, with Amazon taking the top spot at 10.5%. From a sector look, Internet mobile applications account for half of the portfolio while Internet retail makes up for 21%. FDN has a Zacks ETF Rank of 2. Consumer Discretionary Select Sector SPDR Fund (XLY) This product offers exposure to the broad consumer discretionary space by tracking the Consumer Discretionary Select Sector Index. It is the largest and the most popular product in this space with AUM of nearly $10.7 billion and average daily volume of around 8 million shares. Holding 90 securities in its basket, Amazon takes the top spot with 9.9% of assets. Media dominates about one-fourth of the portfolio while specialty retail, Internet retail, and hotels restaurants and leisure round off the next three spots with a double-digit allocation each. The fund charges 0.14% in expense ratio and has a Zacks ETF Rank of 2 (read: 5 ETFs to Buy for Q2). PowerShares Nasdaq Internet Portfolio (PNQI) This fund follows the Nasdaq Internet Index, giving investors exposure to the broad Internet industry. The fund holds about 87 stocks in its basket with AUM of $256.6 million while charging 60 bps in fees per year. It trades in a light volume of around 40,000 shares a day. Amazon occupies the top position with an 8.3% allocation. In terms of industrial exposure, Internet software and services makes up for 59.3% share in the basket, followed by Internet retail (35.9%). PNQI has a Zacks ETF Rank of 2. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMAZON.COM INC (AMZN): Free Stock Analysis Report MKT VEC-RETAIL (RTH): ETF Research Reports FT-DJ INTRNT IX (FDN): ETF Research Reports SPDR-CONS DISCR (XLY): ETF Research Reports PWRSH-ND INTRNT (PNQI): ETF Research Reports FACEBOOK INC-A (FB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report