Amazon: stock up as consensus easily beaten
(CercleFinance.com) - Last night Amazon announced quarterly profit that is significantly above analysts' estimates, performance that eclipsed forecasts that were slightly less rosy than expected for the current quarter.
After Wall Street closed on Thursday the US online commerce giant reported operating profit that more than quadrupled for Q3, to $11.2bn, compared with $2.5bn a year earlier.
Revenues rose 13% to $143.1bn, again exceeding the consensus of $133bn.
For Q4, however, the Seattle based group projects sales of $160bn to $167bn, i.e. up between 7% and 12%, while the consensus was expecting $167bn.
Analysts say that this publication was marked by real discipline in terms of costs, at the origin of a continued improvement in margins.
These announcements caused the stock to jump by almost 7% on Friday in initial exchanges on Friday on Wall Street, for a market capitalization that now exceeds $1,320bn.
Amazon stock - which is one of the “Magnificent Seven” supposed to be the big winners from the emergence of generative artificial intelligence - has risen by over 42% YTD.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
After Wall Street closed on Thursday the US online commerce giant reported operating profit that more than quadrupled for Q3, to $11.2bn, compared with $2.5bn a year earlier.
Revenues rose 13% to $143.1bn, again exceeding the consensus of $133bn.
For Q4, however, the Seattle based group projects sales of $160bn to $167bn, i.e. up between 7% and 12%, while the consensus was expecting $167bn.
Analysts say that this publication was marked by real discipline in terms of costs, at the origin of a continued improvement in margins.
These announcements caused the stock to jump by almost 7% on Friday in initial exchanges on Friday on Wall Street, for a market capitalization that now exceeds $1,320bn.
Amazon stock - which is one of the “Magnificent Seven” supposed to be the big winners from the emergence of generative artificial intelligence - has risen by over 42% YTD.
Copyright (c) 2023 CercleFinance.com. All rights reserved.