AMZN rose more than 5% in the premarket after the company reported better-than-expected Q3 profit and revenue.
In an overall positive earnings week, Amazon’s (NASDAQ: $AMZN) Q3 2023 report topped consensus estimates on top and bottom lines, sending the stock higher in Friday’s premarket. One of the report’s highlights was the company’s digital ad sector, which saw stronger quarterly growth than its main competitors.
AMZN Climbs 5.3% in Premarket as Q3 Reports Surpasses Estimates
Shares of Amazon rallied over 5% in premarket trading Friday after the e-commerce and cloud computing giant reported better-than-expected results for the third quarter.
Specifically, the company posted earnings per share (EPS) of 94 cents, topping the consensus estimates of 58 cents. Net income more than tripled to $9.9 billion, up from $2.9 billion, or 28 cents per share, in the same quarter last year. The profit includes the pre-tax valuation gain of $1.2 billion from Amazon’s recent investment in electric vehicle (EV) startup Rivian.
Revenue reached $143.1 billion, exceeding the consensus projection of $141.4 billion. This marks an increase of 13% and underscores that Amazon is seeing decent growth following a challenging 2022 marked by record-high inflation and rising interest rates.
Amazon Web Services, the company’s most lucrative business unit, reported $23.1 billion in revenue, just below the analysts’ estimates of $23.2 billion. Meanwhile, revenue from advertising stood at $12.1 billion, compared to the expected $11.6 billion.
The giant’s e-commerce business also recovered, growing 7% year-over-year, following a 4% expansion in the previous quarter.
n an overall positive earnings week, Amazon’s (NASDAQ: $AMZN) Q3 2023 report topped consensus estimates on top and bottom lines, sending the stock higher in Friday’s premarket. One of the report’s highlights was the company’s digital ad sector, which saw stronger quarterly growth than its main competitors.
AMZN Climbs 5.3% in Premarket as Q3 Reports Surpasses Estimates
Shares of Amazon rallied over 5% in premarket trading Friday after the e-commerce and cloud computing giant reported better-than-expected results for the third quarter.
Specifically, the company posted earnings per share (EPS) of 94 cents, topping the consensus estimates of 58 cents. Net income more than tripled to $9.9 billion, up from $2.9 billion, or 28 cents per share, in the same quarter last year. The profit includes the pre-tax valuation gain of $1.2 billion from Amazon’s recent investment in electric vehicle (EV) startup Rivian.
Revenue reached $143.1 billion, exceeding the consensus projection of $141.4 billion. This marks an increase of 13% and underscores that Amazon is seeing decent growth following a challenging 2022 marked by record-high inflation and rising interest rates.
Amazon Web Services, the company’s most lucrative business unit, reported $23.1 billion in revenue, just below the analysts’ estimates of $23.2 billion. Meanwhile, revenue from advertising stood at $12.1 billion, compared to the expected $11.6 billion.
The giant’s e-commerce business also recovered, growing 7% year-over-year, following a 4% expansion in the previous quarter.
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Originally Posted October 27, 2023 – Amazon Q3 Earnings: Digital Ad Revenue Growth Beats Google, Meta
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